OTHER NEWS - May 4, 1993
From Times Staff and Wire Reports
Record Quarter of Claims for Insurance Industry: A catastrophe-filled first three months of 1993 have left American insurance companies facing a record $2.8 billion in property damage claims, an industry-supported survey said. Gary Kerney, an executive of American Insurance Services Group Inc., said the $2.8-billion estimate in damage claims exceeded the previous record for a first-quarter loss of $810 million set last year. The two most costly events this year were the explosion at New York City’s World Trade Center on Feb. 26, with an estimated $510 million in losses, and a March 11-14 blizzard that caused an estimated $1.6 billion in damage.
