Headlines this week in Florida were that due to the loosening of the credit markets, the State would have the ability to bond an additional $5 billion, if needed, giving us $8 billion for the Florida Hurricane Catastrophe Fund.
The fund was established after Hurricane Andrew in 1992, to back up insurers in the event of a particularly devastating hurricane, or a quick succession of smaller ones. It now has an exposure of more than $28 billion with less than $8 billion on hand to pay claims.
Here's the round up of news coverage (although most of it says the same thing)
Ironically, Governor Charlie Crist found out about this via telephone as his trip to the state capital in Tallahassee was delayed due to Tornado warnings near his home in St. Petersburg, FL.