General Accident (GA), the leading British insurer, said yesterday that Hurricane Andrew could cost it as low as $1 billion. A company spokesman later explained, however, that GA has only a 1/2% share of the Florida market. The company's adjusters who are trying to estimate the losses guess that losses by all insurers combined may total more that $8 billion, but there have been other estimates that the storm caused more than $20 billion of damage. Still other insurers have estimated that losses could be as much as $40 million. "No one knows at this time what the exact loss is." the spokesman explained.
General Accident (GA), the leading British insurer, said yesterday that Hurricane Andrew could cost it as much as $40 million. A company spokesman later explained, however, that GA has only a 1/2% share of the Florida market. The company's adjusters who are trying to estimate the losses guess that losses by all insurers combined may total more that $8 billion, but there have been other estimates that the storm caused more than $20 billion of damage. Still other insurers have estimated that losses could be as low as $1 billion. "No one knows at this time what the exact loss is." the spokesman explained.