Friday, October 21, 2005

Start of a trend towards sanity

Allstate reducing coverage in Gulf Coast:

CHICAGO -- Allstate Corp. will scale back its homeowners coverage in the Gulf Coast region after Hurricane Katrina caused it to take an ''unacceptable" loss of $1.55 billion in the third quarter, the insurer's chief executive said yesterday.

Although Edward Liddy, Allstate's chairman and CEO, pledged the company's continued assistance to thousands of affected customers in Louisiana and the surrounding area, he said Allstate must reduce its exposure in the region because of the risk of additional heavy losses from catastrophes...

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