State Farm Has Biggest Ivan Exposure

In that area State Farm has $1.6 billion in 2003 direct premium written, with more than $900,000 of that in Florida alone.

Allstate has less than $732 million in the four states, with more than $437 million in Florida, holding the second largest exposure in the state. It also ranks second in Louisiana, but third in Mississippi and Alabama.

Holding second place in Mississippi is Mississippi Farm Bureau Mutual Insurance Company, with slightly less than 21 percent of the market, or $99 million in direct premium. In Alabama, Alfa Insurance Group is the second largest writer of homeowners multiple peril with $170 million direct premium and less than 21 percent of the market.

Of the four states, Florida has $3.85 billion in direct written premium, followed by Louisiana with $882 million Alabama at $818 million and Mississippi at $467 million.

In a rare weather event, Florida could face its third strike by a hurricane this year, which has caused serious concerns for homeowners who are facing their second deductibles after Hurricane Charley and Frances battered the state.

Tom Gallagher, the state's chief financial officer, said he is concerned with the burden this is placing on residents.

State law allows companies to charge a two-to-five percent deductible on policies depending on the value of the home. He said homeowners should not have to pay multiple deductibles during hurricane season and should be in a position to purchase the deductible they can afford.

Mr. Gallagher said Gov. Jeb Bush is considering calling a special legislative session to consider these issues.

As of 2 p.m., according to the National Weather Service, Ivan was a category four storm with sustained winds near 140 mph, somewhat weaker than its category five designation yesterday. It is a slow-moving storm, traveling north-northwest at 9 mph with tropical force winds extending 260 miles out from its center.

Ivan has claimed close to 70 lives so far. The storm passed Cuba and Mexico yesterday, leaving more damage in its wake. Reports say that oil rig operators in the Gulf have begun evacuations as the storm is on track to hit the Gulf Coast somewhere between the Florida panhandle and Louisiana.

A three-day forecast by the National Weather Service has the center of the storm hitting between Mississippi and Alabama sometime around 7 a.m. Thursday.