The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when homes are damaged or destroyed …
The Florida Hurricane Catastrophe Fund is well equipped to handle losses from Hurricane Ian, which are now estimated to cost the fund about $10 billion, but it could mean the fund will have to borrow billions next year β at …
While some analysts are predicting that the property insurance industry will be able to manage Hurricane Ian and its estimated $50 billion in insured losses, a few are now warning that the storm could significantly erode the Florida Hurricane Catastrophe …
Florida’s agriculture commissioner, a Democratic candidate for governor, is on board with what many in the insurance industry have been asking for: utilizing the state’s hurricane catastrophe fund to provide lower-cost reinsurance to more property insurers. Commissioner Nikki Fried, who …
Florida property insurers have another cost increase to manage after the Florida Hurricane Catastrophe Fund was approved for a premium increase. The fund’s governing body, the State Board of Administration, this month gave final approval to the formula used to …
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 …
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 …
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 …
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. …
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 …
