Florida Hurricane Catastrophe Fund News

Florida Hurricane Fund in Better Shape But Could Still Be Short on Cash

Florida’s state-run reinsurance facility still faces a potential $1.5 billion gap to fulfill its maximum mandatory obligation, although it appears poised to be in better financial condition for the 2013 hurricane season than previously thought. With just six weeks left …

Does Rick Scott Support the ‘Beach House Bailout?’

Much of Florida Gov. Rick Scott’s tenure in office has been consumed with confronting the mistakes his predecessor made in the property insurance market. Charlie Crist left office having stuffed the two state-run entities — the Florida Hurricane Catastrophe Fund …

Florida Hurricane Fund May Come Up Short If Big Storm Hits: Panel

Florida may not have enough money to pay off hurricane insurance claims if a big storm hits this year. An advisory panel last Thursday concluded that the state may fall nearly $2 billion short of the total needed to cover …

Florida Governor Vetoes Cat Fund Tax-Credit Plan

Florida Governor Rick Scott has chastised state lawmakers for failing to fully consider a controversial plan to use state premium tax credits to help shore-up the state’s homeowners’ reinsurance fund before attaching it to the state budget. Scott used his …

Florida Tax-Credit Plan to Shore Up Cat Fund Raises Questions

A Florida plan to sell insurers and financial institutions state premium tax credits to help fund the state’s homeowners’ reinsurance facility is raising concerns among some officials. The Florida Insurance Tax Pre-Payment Program was a late addition to the state’s …

Insurance Exec Blasts Florida Inaction on Hurricane Fund, Citizens

Florida lawmakers have put taxpayers at risk by not reforming the Florida Hurricane Catastrophe Fund or Citizen’s Property Insurance Corp. in advance of the 2012 hurricane season, an insurance executive has warned. Bradley Kading, president and executive director of the …

Florida Lawmakers Still Balk at Raising Homeowners’ Premiums for Cat Fund

State lawmakers have gambled with their constituents’ money for years when it comes to dealing with Florida’s property insurance issues. But now, many top industry analysts suggest, the odds may be turning against them after six years without a hurricane …

4 Executives Found Not Guilty in Florida Hurricane Fund Fraud Case

Four insurance executives of a now defunct Florida property insurer have been found not guilty of defrauding the state’s reinsurance facility of over $20 million in a case stemming from hurricane losses dating back to 2004. Judge Robert Lewis of …

Floridians Would Pay More to Shore-Up Cat Fund: Survey

A new survey finds that 70 percent of Floridians fear being assessed hundreds or thousands of dollars in “hurricane taxes” because the state’s Hurricane Catastrophe Fund may run out of money to pay insurance claims. The telephone survey of 805 …

Florida Hurricane Fund Has $3.2 Billion Shortfall

Florida’s hurricane fund is confronting a potential $3.2 billion shortfall, financial experts said in a new estimate of the money available to the pool intended to help insurers make disaster payments. The fund was created after Hurricane Andrew devastated South …