Today, there are specialty insurance companies that are focused on specifically covering wind risks. In 2002, the two combined to form Citizen’s Property Insurance Corporation, a not-for-profit, tax-exempt government entity to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market.Īfter Andrew, commercial CAT capacity in Florida was a little hard to find too. The state was forced to create two home insurance pools: the Florida Windstorm Underwriting Association (FWUA), which provided coastal residents with wind-only coverage, and the Florida Residential Property and Casualty Joint Underwriting Association (JUA), which provided comprehensive home insurance to Floridians who couldn't find coverage in the private insurance market. Many others fled the Florida home insurance market. According to the Insurance Information Institute, at least 16 insurance companies became insolvent because of their losses from Hurricane Andrew. Hurricane Andrew destroyed more than property. In addition, Andrew’s path avoided the more populated areas like Miami and Fort Lauderdale.Īccording to the Insurance Information Institute, at least 16 insurance companies became insolvent because of their losses from Hurricane Andrew. The hurricane’s eye was well-formed and compact, unlike Hurricane Katrina which cut a much wider swath. In total, Andrew cost insurers an estimated USD 25 billion in 1992 dollars. Homestead Hospital, for instance, sustained USD 5 million in property damage and another USD 15 million in business interruption costs, for a total loss of USD 20 million.
Andrew hurricane track plus#
Some 59 healthcare facilities, 31 public schools, 82,000 businesses, 3,300 miles of powerlines, 9,500 traffic signs and signals, plus 32,900 acres of farmland were damaged or destroyed. Commercial property losses were substantial too. More than 25,500 homes were destroyed another 101,000 homes were damaged. Wind speeds were estimated as high as 165 mph, but the National Hurricane Center in Florida lost monitoring instruments in the storm so unfortunately, no conclusive maximum wind speeds could be determined. It still is, but is now surpassed by a few others, including Katrina (2005), Harvey (2017), Maria (2017), Irma (2017), Ida (2021), and Sandy (2012).Īndrew and its devastating high winds caused major damage in the Bahamas and Louisiana, but its greatest impact was in South Florida, particularly the community of Homestead where it made landfall.
For the longest time, it ranked as one of the most expensive US storms.
Global CUO Property Risk Management & CUO Property, Americasįor the powerful storm that it was and the impact it had in changing the insurance industry, building codes, emergency response and more, Hurricane Andrew is memorable, even 30 years later.Īndrew made landfall on August 24, 1992, as just one of four hurricanes ever to make landfall in the U.S.
0 kommentar(er)
