Florida Cat Fund Cash-Ready for Hurricane Season
Florida’s state-created fund intended to help pay out claims after a hurricane has reached a historic milestone.
For the first time ever, the fund is entering a storm season with enough cash and assets on hand to pay off everything it could owe.
New estimates show the Florida Hurricane Catastrophe Fund should have $17 billion available for the Atlantic hurricane season that starts June 1.
The financial health of the account known as the “Cat Fund” is important to Floridians regardless of where they live because the state can impose a surcharge on most insurance policies to replenish it if it runs out of money.
The amount of money in the fund has grown because Florida hasn’t been hit by a hurricane since Wilma in 2005.
Florida created the fund after Hurricane Andrew ravaged the state in 1992.
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting