INSURANCE
Andrew Loss Estimates Rise: The insurance industry raised its estimate of damage from Hurricane Andrew to $10.7 billion from $7.8 billion, making it the costliest insured loss from a natural disaster. The increase in insured damages from the storm that struck south Florida and coastal Louisiana reflects additional damage from downpours, rising repair prices and the difference between spot surveys and company estimates. The American Insurance Services Group Inc., which released the figure, confirmed its original $500-million estimate for Louisiana claims but said Florida’s figure went up 40% to $10.2 billion.
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