Florida Hurricane Catastrophe Fund (FHCF) News

Florida Borrows $2.25B for Hurricane Fund While Rates Are Low

With hurricane season barreling down on Florida, the state is seizing on low interest rates to borrow $2.25 billion for its catastrophe insurance fund. The State Board of Administration Finance Corp. is joining state and local governments that have rushed …

Florida Cat Fund Foregoes Private Reinsurance for 2020 Hurricane Season

Reinsurance coverage for the Florida Hurricane Catastrophe Fund will not be purchased for the upcoming hurricane season after overseers of the fund evaluated the market and found a lack of private capital availability. In a statement, John Kuczwanski, manager of …

AM Best: Florida Insurers Brace for Challenging June Reinsurance Renewals

Although the 2019 hurricane season did not have a significant impact on Florida, loss creep from prior storms continues to weigh on reinsurers, leading to a likely rise in rates for the upcoming June renewal period. As noted in AM …

Commentary: It’s Time to Reform the Florida Cat Fund, Give Consumers Rate Relief

Floridians currently pay the highest homeowner’s insurance rates in the nation, and no one should be surprised by this. Florida is a long relatively narrow large peninsula jutting out into bodies of warm water prone to tropical storms and hurricanes. …

Florida Passes ‘Catch All’ Insurance Bill Impacting Surplus Lines, Catastrophe Fund

A Florida bill that the insurance industry says will help modernize the state’s surplus lines system, as well as impact property insurer contracts under the Florida Hurricane Catastrophe Fund and reduce “bad faith” lawsuits, is now awaiting the governor’s signature …

Here’s What a Category 5 Hurricane Could Do to Florida

Florida hasn’t suffered a category 5 storm since Hurricane Andrew hit the north Miami area on Aug. 24 1992, but the risk of such a storm has not gone away or even declined. In fact, the state’s risk of destruction …

25 Years Later…What If an Andrew-Type Storm Hit Florida Today?

Though Florida hasn’t suffered a category 5 storm since Hurricane Andrew hit the north Miami area on Aug. 24 1992, the risk of such a storm has not gone away or even declined. In fact, the state’s risk of destruction …

25 Years Later: How Florida’s Insurance Industry Has Changed Since Hurricane Andrew

Aug. 24, 1992 was anything but a typical Monday for Robert Reynolds as he drove through debris-filled roads and devastation on the way to his family-run agency then located just north of Homestead, Fla. Hurricane Andrew had just barreled through …

Heritage Insurance Secures $1.7B in Florida Reinsurance Cover for 2017-2018

Heritage Insurance Holdings, Inc., a property and casualty insurance holding company, announced that its insurance subsidiaries, Heritage Property & Casualty Insurance Co. and Zephyr Insurance Co., have completed the placement of their 2017-2018 reinsurance programs. The programs are incorporated into …

Florida Hurricane Cat Fund Ready for Storm Season

The Florida fund that helps private insurers pay out claims after a hurricane continues to be in strong shape ahead of storm season. Estimates prepared by Raymond James show the Florida Hurricane Catastrophe Fund will have $17.6 billion available this …