Tuesday, February 5, 2008

Consider it a down payment on your future catastrophe

“I haven’t seen so much bobbing and weaving since Muhammad Ali did the rope-a-dope.”

Florida Insurers Defend Increases in Home Rates

Published: February 5, 2008

TALLAHASSEE, Fla. — Facing accusations that they have been gouging customers, executives from one of Florida’s largest homeowners’ insurance companies told a special State Senate committee on Monday that they had been forced to raise rates to offset losses and prepare for the possibility of more frequent hurricanes in the future.

The company, Allstate Floridian Insurance, “faces the very real risk of being wiped out in the event of a bad hurricane season,” said Joseph Richardson Jr., chairman and chief executive. Allstate Floridian is a subsidiary of the Allstate Insurance Company. NYT.

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