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BUSINESS
October 22, 1992 | From Times Staff and Wire Reports
Andrew Loss Estimates Rise: The insurance industry raised its estimate of damage from Hurricane Andrew to $10.7 billion from $7.8 billion, making it the costliest insured loss from a natural disaster. The increase in insured damages from the storm that struck south Florida and coastal Louisiana reflects additional damage from downpours, rising repair prices and the difference between spot surveys and company estimates. The American Insurance Services Group Inc.
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NEWS
August 31, 2012 | By Maeve Reston
JEAN LAFITTE, La. - Republican presidential nominee Mitt Romney  toured a flood-ravaged area of the Louisiana bayou on Friday in the aftermath of the hurricane that disrupted his party's national convention in Florida.  Accompanied by his wife, Ann, the candidate rode in an SUV past submerged gas stations and flooded homes in this Mississippi River delta community near New Orleans. In some places, the water was several feet deep. Romney got out of the vehicle and had an informal roadside conversation with Louisiana Gov. Bobby Jindal and U.S. Sen. David Vitter, both Republicans.
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BUSINESS
September 1, 1992
Benton Oil & Gas Co., an Oxnard-based oil and gas exploration firm that has a major drilling operation off Louisiana's coast, said the field sustained only minor damage from Hurricane Andrew. Despite the eye of Hurricane Andrew passing just 15 miles east of Benton's field, which is in the West Cote Blanche Bay, Benton said all major production facilities appeared undamaged. Production was halted for a couple of days last week, but is expected to resume in full this week.
NEWS
January 31, 1993 | KAREN GRAVOIS, ASSOCIATED PRESS
Deborah and Robert Prine's marriage was falling apart, until Hurricane Andrew came along. Out of despair rose a new beginning. On Aug. 25, a tornado spun from the hurricane tore through the wooded fields in this Louisiana community, smashing the Prines' small house and horse barn. It seemed to be the final blow in an already failing relationship.
NEWS
September 10, 1992 | From a Times Staff Writer
The chairman of the House Appropriations Committee on Wednesday proposed legislation that would provide $8.8 billion in relief for areas of South Florida and Louisiana devastated by Hurricane Andrew--$1.2 billion more than President Bush requested. The draft proposal, by Chairman Jamie L. Whitten (D-Miss.), is expected to be considered soon by the panel and rushed through the full House.
BUSINESS
September 17, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Hurricanes Andrew and Iniki are likely to leave a financial legacy far more enduring than the damage they caused or the rebuilding that has followed. Premiums for home, auto and commercial coverage could be affected for 30 years or more, insurance experts say, although the effect will be concentrated in the three states that were hardest hit. Experts also say the hurricanes could cause a wave of insurance company failures and could affect the availability of insurance in certain areas as well.
NEWS
September 6, 1992 | Reuters
The Federal Emergency Management Agency is so understaffed and snarled in red tape that tens of thousands of victims of Hurricane Andrew are unlikely to receive immediate financial help, the New York Times reported Sunday. It said government relief checks were not reaching victims of the storm that swept through parts of Florida and Louisiana causing an estimated $20 billion in damage. Officials at one major area bank in operation since the day after the Aug.
NEWS
September 9, 1992 | ART PINE, TIMES STAFF WRITER
President Bush asked Congress on Tuesday to approve $7.6 billion in disaster assistance in the wake of Hurricane Andrew, calling for bipartisan support of the measure, even though it will bloat the federal budget deficit. Most of the money would be earmarked for the areas of South Florida and Louisiana that were devastated by the cataclysmic storm two weeks ago. The proposal also includes financial aid for victims of Typhoon Omar in Guam.
BUSINESS
October 3, 1992 | From Times Staff and Wire Reports
3rd Quarter Losses Likely for Many Insurance Companies: Battered by damage claims from hurricanes in Florida, Louisiana and Hawaii, property/casualty insurers may lose $2 billion in the third quarter--the first operating loss for the industry since the end of 1985, analysts said. Although big insurance companies such as Aetna Life & Casualty Co. and Chubb Corp. probably will eke out profits in the quarter ended Sept. 30, Cigna Corp., Continental Corp., Travelers Corp. and USF&G Corp.
NEWS
September 9, 1992 | KENNETH REICH, TIMES STAFF WRITER
To Ben Nottingham, manager of the Los Angeles County disaster office, the chaos left by Hurricane Andrew in South Florida holds a clear lesson for earthquake country. "We've been telling people to prepare to sustain themselves--water and food and security--for 72 hours" in the aftermath of a destructive California quake, Nottingham said. "But we're not going to be talking hours any more--we're going to be talking days. Maybe a week."
NEWS
January 11, 1993 | CARLA RIVERA, TIMES STAFF WRITER
The Federal Emergency Management Agency will come under unprecedented scrutiny in coming months as congressional investigators try to determine why the agency was unprepared for the onslaught of calamities that struck the nation in 1992. But in a turn of events that some observers see as ironic and shortsighted, FEMA's response to Los Angeles' cataclysmic episode of 1992--the spring riots--is not scheduled to be the focus of any federal review.
NEWS
November 27, 1992 | From Reuters
Hurricane Andrew's late-August sweep across South Florida and Louisiana made the 1992 Atlantic hurricane season, which officially ends Monday, the costliest in U.S. history. The 1992 season will be remembered as the year of Andrew, the third-strongest hurricane ever to strike the United States. Andrew caused up to $30 billion in damage when it scoured the southern tip of Florida on Aug. 24, before barreling across the Gulf of Mexico into Louisiana.
BUSINESS
October 22, 1992 | From Times Staff and Wire Reports
Andrew Loss Estimates Rise: The insurance industry raised its estimate of damage from Hurricane Andrew to $10.7 billion from $7.8 billion, making it the costliest insured loss from a natural disaster. The increase in insured damages from the storm that struck south Florida and coastal Louisiana reflects additional damage from downpours, rising repair prices and the difference between spot surveys and company estimates. The American Insurance Services Group Inc.
BUSINESS
October 7, 1992 | From Bloomberg Business News
Allstate Insurance Co. on Tuesday raised its estimate for damage that it must cover from Hurricane Andrew to $1.73 billion from $1 billion. The higher figure means that the hurricane's impact on third-quarter earnings will rise to $1.15 billion from $700 million, the unit of Sears, Roebuck & Co. said. Allstate, which insures more property in storm-struck Florida and Louisiana than any company but State Farm, said homeowner claims have been costlier than expected.
BUSINESS
October 3, 1992 | From Times Staff and Wire Reports
3rd Quarter Losses Likely for Many Insurance Companies: Battered by damage claims from hurricanes in Florida, Louisiana and Hawaii, property/casualty insurers may lose $2 billion in the third quarter--the first operating loss for the industry since the end of 1985, analysts said. Although big insurance companies such as Aetna Life & Casualty Co. and Chubb Corp. probably will eke out profits in the quarter ended Sept. 30, Cigna Corp., Continental Corp., Travelers Corp. and USF&G Corp.
BUSINESS
September 17, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Hurricanes Andrew and Iniki are likely to leave a financial legacy far more enduring than the damage they caused or the rebuilding that has followed. Premiums for home, auto and commercial coverage could be affected for 30 years or more, insurance experts say, although the effect will be concentrated in the three states that were hardest hit. Experts also say the hurricanes could cause a wave of insurance company failures and could affect the availability of insurance in certain areas as well.
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