Charley May Cost Insurers $6.8 Billion
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Hurricane Charley may cost insurers $6.8 billion, according to the latest review of claims.
The estimate of loss to homes, cars and businesses comes from Property Claim Services, a unit of Insurance Services Office Inc. in Jersey City, N.J., that surveys insurers after catastrophes. Last week the Insurance Information Institute estimated a cost of $7.4 billion.
Either estimate would make Charley the second-most-costly storm in U.S. history after Hurricane Andrew in 1992, which struck south Florida and cost insurers $20.3 billion, adjusting for inflation.
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