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September 01, 2004

Allstate Expects $425M Hurricane Loss

Allstate Corp. said Tuesday it expects to pay $276 million in claims from Hurricane Charley, which hit the southeastern United States almost three weeks ago.

The company said losses would total $425 million but Florida has a hurricane catastrophe fund, which helps insurance companies pay for major disasters. The Northbrook-based insurer expects to receive about $155 million from the fund, which was established after Hurricane Andrew battered the region in 1992.

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Posted by Tom Troceen


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