Hurricane Andrew leaves legacy of higher insurance rates

11/26/2007 |

Homeowners still feel the effect that Hurricane Andrew had on the insurance industry 15 years after the storm hit Florida. Insurers paid out more than $22 billion in claims, and began rewriting policies to protect themselves from heavy losses. "If you're being overly generous in covering risks and you're not taking in sufficient premium, it doesn't make business sense," Lloyd's of London CEO Richard Ward said.

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