In the 20 years since Hurricane Andrew hit south Florida on August 24, 1992, there have been more damaging hurricanes and natural catastrophes, but no other event has had as much impact on the insurance industry. To kick off I&T’s special coverage of Hurricane Andrew’s 20th anniversary, here’s a look at the catastrophe and how it has changed the industry.
August 22, 2012
1. $26.5 Billion Is Still a Lot of Money
At $26.5 billion in reported damage and $15.5 billion in insured losses, Hurricane Andrew was the most costly hurricane on record when it occurred in 1992. Today, it ranks as the third-most-costly hurricane, behind Hurricane Ike, a category 2 storm that in 2008 caused $29.5 billion in damage, and Hurricane Katrina, which wreaked a still mind-boggling $108 billion in damage when it hit the Gulf Coast in 2005.
Source: The Weather Channel
