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ALLSTATE RESPONDS TO AMENDED SENATE CATASTROPHE FUND BILL

 NORTHBROOK, Ill., Nov. 4 /PRNewswire/ -- On Monday, Allstate Personal Property & Casualty President Jerry Choate endorsed the House Insurance Committee version of the catastrophe fund bill. "The House version provided that the fund would pay for 75 percent of an insurer's losses once it lost two times its annual property insurance premiums written in the state," Choate said.
 "In light of that level of protection," he continued, "we could plan to keep 97 percent of our customers next year."
 The new Senate bill, however, raises the point at which the cat fund begins to pay. "Obviously, this reduced level of protection will increase the number of customers subject to non-renewal. If it stays at three times annual premium we'll have to re-evaluate our position because of the negative impact on our company and customers," said Choate.
 -0- 11/4/93
 /CONTACT: Leslie Chapman of Allstate, 305-793-4173/
 (S)


CO: Allstate Personal Property & Casualty ST: Florida, Illinois IN: INS SU:

LG -- NY080 -- 0804 11/04/93 14:15 EST
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Publication:PR Newswire
Date:Nov 4, 1993
Words:166
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