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
6. Setting the Right Priorities
"The struggle of keeping Citizens [Insurance] actuarily sound, yet somehow affordable – another Hurricane Andrew legacy as private firms dropped windstorm coverage and fled the state -- continues. However, using the re-inspection program to raise revenue is counterproductive and only undermines the long-term goal of creating more wind-hardened properties, a must in the nation's most hurricane-prone state."
— Editorial, South Florida Sun-Sentinel
Source: South Florida Sun-Sentinel
