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.
Posted by Tom Troceen