INSURANCE

Prudential Boosts Andrew Damage Estimate: Prudential Insurance Co., the nation’s largest insurance company, said it expects to pay more than $1 billion in claims for damage caused by Hurricane Andrew. The estimate is four times larger than earlier predictions. While hurricanes have generally resulted in maximum damage of 30% to 40% to insured properties, the insurer said, destruction from Andrew was averaging 50%. The company said it will make a capital infusion of $900 million to its casualty subsidiary to cover the claims. Meanwhile, American Insurance Services Group said property/casualty insurers will pay out an estimated $1.6 billion in claims resulting from Hawaii’s Hurricane Iniki.