Charley May Cost Insurers $6.8 Billion

Hurricane Charley may cost insurers $6.8 billion, according to the latest review of claims.

The estimate of loss to homes, cars and businesses comes from Property Claim Services, a unit of Insurance Services Office Inc. in Jersey City, N.J., that surveys insurers after catastrophes. Last week the Insurance Information Institute estimated a cost of $7.4 billion.

Either estimate would make Charley the second-most-costly storm in U.S. history after Hurricane Andrew in 1992, which struck south Florida and cost insurers $20.3 billion, adjusting for inflation.