The insurance industry and Hurricane Andrew
Article Abstract:
The damage that Hurricane Andrew caused to properties in Florida has led to some serious rethinking by insurance officials and the government about insurance policy, building codes and enforcing the implementation of these codes. The insurance industry has paid $13 billion to policy holders affected by the hurricane even then only 5% of homes in south Florida have been reconstructed. The insurance companies have planned not to underwrite policies for properties along the coastlines and they also propose new plans such as the creation of national catastrophe reinsurance fund to help insurance companies handle the financial burden of future natural disasters.
Publication Name: Forum for Applied Research and Public Policy
Subject: Science and technology
ISSN: 0887-8218
Year: 1995
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Hurricane Andrew churns up debate
Article Abstract:
The disaster caused by Hurricane Andrew and the government agencies' inability to react quickly to the catastrophe led to the reconsideration of federal response policies and the role of local governments in disaster relief. The Federal Emergency Management Agency's failure to understand the hassles that happen during the times of disasters and want of professionalism at the high levels of the agency created problems in handling relief works. Communication disruption, inaccurate reports about damage and confusion over presidential declaration of disaster stricken area contributed to the delay in relief work.
Publication Name: Forum for Applied Research and Public Policy
Subject: Science and technology
ISSN: 0887-8218
Year: 1995
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Hurricane Andrew's toll
Article Abstract:
Hurricane Andrew, which struck south Florida on August 24, 1992, caused damages worth $20 billion. Insurance companies received more than 725,000 claims of which 66% were from homeowners and 25% were automobile claims. Insurance agencies estimated that they had to pay $16 to $20 billion dollars to their policy holders. The large scale financial burden that insurance companies incurred made them to rethink about their policies.
Publication Name: Forum for Applied Research and Public Policy
Subject: Science and technology
ISSN: 0887-8218
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
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