Hurricane Andrew
Insurance claims in the wake of the extreme damage caused by Andrew led to the bankruptcy and closure of 11 insurance agencies and drained an excessive amount of equity from 30 more. Nearly one million residences were no longer eligible for coverage by any insurance agency. This led the Florida Legislature to create new agencies (the Joint Underwriting Association, the Florida Windstorm Underwriting Association and the Florida Hurricane Catastrophe Fund) to restore important insurance coverage.