Four hurricanes generate record storm claims numbers

Hurricanes Charley, Frances, Ivan and Jeanne which slammed into Florida between mid-August through to the beginning of September will likely result in insurers paying a record two million-plus claims, according to the Insurance Information Institute (III). In comparison, Hurricane Andrew generated a total of 700,000 claims, the III observes.The four hurricanes that recently struck parts of the southern U.S. are expected to result in an insured loss in excess of US$22 billion compared with Andrew’s insured loss of about US$20 billion (in today’s value), the III notes. Approximately 15,000 claims adjusters, sourced from across the U.S. and Canada, are currently working an area of about 48,000 square kilometers in Florida. "The number of claims insurance companies are paying is equivalent to the entire population of the Tampa-St. Petersburg metropolitan area," says William Bailey, director of the Hurricane Insurance Information Center.