Twenty years ago on Aug. 24, Hurricane Andrew landed in Florida and taught the insurance industry lessons it still adheres to today.
The industry had underestimated the power of Mother Nature and in doing so, felt it was prudent to provide coverage for an inordinate amount of coastal property.
Andrew made insurers completely reassess this philosophy and it gave birth to the catastrophe modeling industry, which would greatly help insurers accurately look at exposures. The Category 5 storm nearly collapsed the Florida property insurance market, and tough decisions had to be made in order to sustain availability for property owners.
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