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Cat Fund

Christian Cámara: Reinsurance saved Florida from catastrophic losses

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As the Nov. 30 end of the hurricane season approaches, Floridians should be thankful. While this year’s storms Hermine and Matthew brought an end to the state’s decade-long hurricane drought, they easily could have been stronger or cut a more destructive path. Indeed, had Hurricane Matthew tracked just 20 or more miles further west, it would have raked the entire east coast of Florida, bringing the full force of a Category 4 storm to the most populated and wealth-concentrated coastline…

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Florida Hurricane Catastrophe Fund in robust health, report says

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The Florida Hurricane Catastrophe Fund holds $17.5 billion in liquid assets, enough to meet its statutorily mandated reserves with $500 million left over, administrators said Tuesday. Furthermore, the fund, a backstop to the state’s property insurance companies, can easily go to the financial markets to raise money if Florida suffers storm damage sufficient to strain its reserves. That, according to a report delivered during a meeting of the fund’s advisers in Tallahassee. “The bottom line is, the Cat Fund is…

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Group: Florida’s disaster preparedness strategy paying off

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A coalition of business, consumer, and environmental groups found vindication Tuesday in the insurance industry’s ability to absorb the damage from Hurricane Matthew. Stronger Safer Florida in a news release credited “good luck and prudent decisions by the Florida Legislature” for the industry’s ability to weather the storm. Specifically, lawmakers and regulators invested in the Florida Hurricane Catastrophe Fund — the Cat Fund — and in reinsurance that shifted the risk out of state, the organization said. Both are priorities…

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Steve Pociask: Prepare for the storms

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Recent Tropical Storm activity in the Gulf of Mexico and the Atlantic Ocean remind us of one thing — Florida is ground zero for tropical weather activity. In June, parts of Florida’s Gulf Coast became inundated with rain, causing flash flooding, tornado spin-offs and heavy wind as Tropical Storm Colin made landfall in Florida’s Big Bend area. While Colin never became a hurricane, the tropical storm caused plenty of damage and disruption and it exemplifies what could be in store…

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Florida’s hurricane fund in best shape ever ahead of season

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Florida’s continued lucky streak when it comes to dodging hurricane is helping a key state fund reach its best financial shape ever in the two decades it has been in place. The state-created fund known as the Florida Hurricane Catastrophe Fund should have $17.4 billion available for the Atlantic hurricane season that starts June 1. This marks the first time ever that the fund has more money than it would need to pay out if storms racked the state. The…

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Florida’s hurricane insurance fund strong for storm season

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Florida’s nine-year streak of avoiding hurricanes is helping the state reach a historic milestone: for the first time ever, the state-created fund designed to help pay out claims after storms has enough cash and assets on hand to pay off everything it could owe. New estimates show the Florida Hurricane Catastrophe Fund should have $17 billion available for the Atlantic hurricane season that starts June 1. “The money is there and it’s in our pocket,” said Jack Nicholson, the chief…

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