Major Insurers Will Stick by Florida Customers if State Creates Catastrophe Fund. (Originated from The Miami Herald)

Knight Ridder/Tribune Business News,  November, 1993  by Nickens, Tim; Silva, Mark

Tags: Allstate Corp., FINANCE, Florida, homeowner, Insurance

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TALLAHASSEE, Fla.--Nov. 2--Two companies leading a threatened exodus of home-insurers from hurricane-prone Florida said Monday they will stand by most of their customers if the state will help them guard against future catastrophes.

The promises by Allstate Property and Casualty Insurance Co. and Auto- Owners Insurance Co. depend on the Legislature enacting a pioneering catastrophe fund, a sort of state-run insurance plan for insurance companies. Under the plan, insurers would give the state a portion of the premiums they collect. The money would pay for some of the losses in major ...

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