Preliminary gross income losses of from $500,000 to $1.2 million have been predicted by the Vesta Insurance Group of Birmingham, Ala. for damages caused by Hurricane Katrina.
Vesta’s Florida Select unit has about 3,500 in-force windstorm policies in South Florida where the hurricane first made landfall.
A company spokesperson said Vesta does not have any exposure on policies in Louisiana or Mississippi and only expects to have minimal claims in surrounding states.
Vesta’s Units include Florida Select, Texas Select, California Select and the Shelby and Vesta Insurance Companies. The company specializes in home and auto products.
Topics Florida Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Florida OIR Triples the Size of Citizens’ Rate Decrease 
Allstate Can Proceed With Recovery in Texas RICO Case: Fifth Circuit 
New York Governor Hochul Vows to Tackle Insurance Affordability, Litigation and Fraud 
Adjusters Launch ‘CarFax for Insurance Claims’ to Vet Carriers’ Damage Estimates From This Issue
