November 1, 2024
Florida’s Hurricane Catastrophe Fund, a state-created layer of reinsurance, expects to pay out about $4.6 billion to help cover insurers’ losses in Hurricanes Helene and Milton. But that won’t trigger a surcharge on premiums. And a number of Florida property …
August 1, 2024
A report from Moody’s Ratings service contends that one good hurricane this year could wipe out the Florida Cat Fund’s reserves, potentially forcing it to place a small surcharge on Florida insurance premiums to finance more debt. But that may …
April 26, 2022
Premiums paid to the Florida Hurricane Catastrophe Fund are expected to increase by more than 12% later this year, giving new urgency to calls to cut the fund’s retention level in half, a move that some estimates show could save …
June 1, 2015
Living in a (semi)-tropical paradise has a price – and apparently, not even going nine years without a major hurricane strike will change that. While Florida’s property insurance market has stabilized somewhat since eight storms battered the state in 2004 …
July 30, 2014
Florida regulators announced they are ending a 1.3 percent assessment on property insurance premiums 18 months ahead of schedule. The monies had been used to pay off bonds issued by the state’s hurricane catastrophe fund in 2010. The Florida Hurricane …
March 19, 2013
A move to restructure Florida’s state-run property reinsurance facility by lowering its financial obligation to insurers is facing an uphill legislative battle as both lawmakers and members of the industry find themselves in conflict over the plan. Florida Hurricane Catastrophe …
March 14, 2013
Standard & Poor’s Ratings Services has assigned its “AA-” rating to Florida Hurricane Catastrophe Fund (FHCF), Florida’s $2 billion revenue bonds series 2013A. The outlook is stable, according to the ratings firm. S&P said the bond proceeds are to provide …
January 18, 2013
Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its resources and leave insurers without further coverage. The Florida …
October 11, 2012
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 …
April 24, 2012
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 …