8 Insurance Industry Impacts of Hurricane Andrew

Technology, regulation, construction and the P&C insurance industry itself all have changed since – and in some instances, because of – Hurricane Andrew, the category 5 storm that made landfall in south Florida on August 24, 1992. Here are eight ways that the catastrophe changed the way insurance companies do business.
August 24, 2012

5. Reinvention of the Industry

"While Florida residents, victims of the devastating Hurricane Andrew, were cleaning up after the destruction and figuring out how to move forward with their lives, the insurance industry in that state was totally reinventing itself. The Florida Residential Property and Casualty Joint Underwriting Association (JUA) was created in 1992 following the hurricane to provide an insurance market to the consumers in Florida. Over a number of years, it became the market for property insurance in Florida and was overexposed. The JUA developed an incentive plan to move the business back to the private market, an action that spawned the creation of a number of insurance start-ups. CSC stepped in to provide back-office administration services to help these start-ups run efficiently and cost-effectively as virtual companies, revitalizing an open, private insurance market offering insurance options to Floridians. It was my pleasure and honor to serve as our team’s first operations director to establish our Florida office and get these services off the ground."

— Jack Norton, VP, P&C Division, CSC

Source: CSC

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