Insurers In The Path Of Charley
By Susanne Sclafane & Mark E. Ruquet
NU Online News Service, Aug. 13, 4:10 p.m. EDT?As Florida residents prepare for the impact of Hurricane Charley, property-casualty insurers are bracing themselves as well.[@@]
The Insurance Information Institute has issued consumer advisements on where to turn for information after the hurricane, issuing a list of phone numbers consumers can call to make a claim. Insurers and agent associations have also been busy advising clients on how to prepare for the storm.
Risk Management Solutions of Newark, Calif., put out an estimate that insured losses could exceed $10 billion if Hurricane Charley continued on its predicted course at 5 p.m. EDT Thursday.
On Thursday, tropical storm Bonnie fizzled out as it hit landfall in the panhandle of Florida, but Hurricane Charley was increasing in strength as it bore down on the Western side of the state on early Friday. According to the National Weather Service, the hurricane's sustained winds were clocked at 110 mph by mid-day Friday and could grow in strength. It was expected to hit landfall Friday, with storm surge possibly topping 13 feet in some areas. It crossed Cuba on Thursday with wind gusts topping 120 mph.
By late Friday afternoon the weather service said Charley was producing sustained winds of 145 mph with higher gusts as it began to cross onto the Western Florida mainland. Storm surge was increased to between 10 to 15 feet.
The weather service predicts an active storm season with 12 to 15 tropical storms with six to eight turning into hurricanes. Two to four of these could become major hurricanes, category three or higher, with winds of more than 111 mph. The hurricane season runs from June 1 to Nov. 30, with peak season running mid-August to mid-October.
According to data from National Underwriter Insurance Data Services, the following insurers were the top writers of homeowners insurance in the state in 2003:
| Company | 2003 Direct Premium ($000) | Market Share (%) | |
| 1 | State Farm Mutual Group | 901,470 | 23.4% |
| 2 | Allstate Insurance Co Group | 437,218 | 11.4% |
| 3 | USAA Group | 201,975 | 5.2% |
| 4 | Nationwide Group | 192,648 | 5.0% |
| 5 | Clarendon National Ins Company | 163,219 | 4.2% |
| 6 | POE Ins Grp & Affiliates | 151,989 | 3.9% |
| 7 | Liberty Mutual Group | 122,343 | 3.2% |
| 8 | Chubb Corp. | 101,326 | 2.6% |
| 9 | Hartford Fire Group | 93,952 | 2.4% |
| 10 | American International Group | 78,867 | 2.0% |
| 11 | Travelers Prop Cas Corp (Pre-Merger) | 73,672 | 1.9% |
| 12 | Axa Ins Grp | 73,595 | 1.9% |
| 13 | So.Farm Bureau Cas Ins Co | 68,018 | 1.8% |
| 14 | ARX Holding Corp | 65,451 | 1.7% |
| 15 | Philadelphia Indemnity Ins | 62,435 | 1.6% |
| 16 | St Paul Fire & Marine (Pre-Merger) | 62,178 | 1.6% |
| 17 | Qualsure Ins Corp | 62,142 | 1.6% |
| 18 | Vanguard Fire & Cas Co | 55,760 | 1.4% |
| 19 | Tower Hill Preferred Ins Co | 53,287 | 1.4% |
| 20 | Vesta Fire Insurance Corporation | 52,152 | 1.4% |
| 21 | Cypress Prop & Casualty Insurance | 50,993 | 1.3% |
| 22 | Firemans Fund Insurance Group | 47,651 | 1.2% |
| 23 | Farmers Insurance Group | 38,750 | 1.0% |
| 24 | Omega Insurance Company | 38,489 | 1.0% |
| 25 | American Superior Ins Co | 34,303 | 0.9% |
| Top 25 Total | 3,283,883 | 85.3% | |
| Industry Total | 3,848,066 | 100.0% |
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