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Department of Insurance Regulation

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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Hurricane Matthew-related insurance claims surpass 29,000

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Insurance claims related to Hurricane Matthew are arriving in earnest now — nearly 30,000 of them as of Tuesday morning. The exact number, according to the Florida Department of Insurance Regulation, was 29,697. Estimated losses stood at $170 million. Of the total claims, 641 had been closed. “It’s still early in the process, but we are monitoring the information being reported for any potential concerns,” department spokeswoman Amy Bogner said via email. Residential property accounted for 26,147 claims; commercial, 481. Volusia County…

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