INSURANCE
From Times Staff and Wire Reports
Allstate Raises Quake Estimate to $950 Million: The insurer said its estimate of Northridge earthquake insurance claims is now $950 million instead of $600 million, citing hidden damage from the Jan. 17 quake and aftershocks. Allstate predicted higher costs per claim, “resulting primarily from engineering reports which revealed previously unreported hidden damage to dwellings.” The company expects about 40,000 claims. Other large insurers have also raised their estimates. The industry’s official estimate for total insured damage is $4.5 billion.
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