The Florida Hurricane Catastrophe Fund needs $710 million to continue to pay claims still coming in from 2005's Hurricane Wilma but it is going to have to wait to assess policyholders to get those funds.
The Florida Cabinet yesterday indicated it wants more of those claims investigated to make sure they are legitimate claims before authorizing the bond and raising assessments on all policyholders to pay for them.
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Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts
Friday, February 26, 2010
Sunday, May 31, 2009
"Hurricanes cost geometrically more than they did decades ago"
Scary piece from the Palm Beach Post. Excerpts.........
The start of the season finds Florida's insurance market in a "fragile" state, an analysis by Fitch Ratings concludes. The largest remaining private insurer, State Farm, has threatened to leave within two years. The state-run insurer of last resort, Citizens, is the biggest player by some measures. The state's catastrophe fund, a backup to the insurance market, stands at least $9.5 billion short of being able to cover its maximum repayment obligations, Fitch figures.
Part of the trouble is hurricanes cost geometrically more than they did decades ago. Florida's population has grown more than 500 percent since 1950 to more than 18 million.
"The hurricanes haven't changed much," Chris Landsea, science and operations officer at the National Hurricane Center, said in a recent meeting in West Palm Beach. "We just have a lot more people in the way."
"If a major hurricane strikes Florida this season, we all pay!"
The start of the season finds Florida's insurance market in a "fragile" state, an analysis by Fitch Ratings concludes. The largest remaining private insurer, State Farm, has threatened to leave within two years. The state-run insurer of last resort, Citizens, is the biggest player by some measures. The state's catastrophe fund, a backup to the insurance market, stands at least $9.5 billion short of being able to cover its maximum repayment obligations, Fitch figures.
Part of the trouble is hurricanes cost geometrically more than they did decades ago. Florida's population has grown more than 500 percent since 1950 to more than 18 million.
"The hurricanes haven't changed much," Chris Landsea, science and operations officer at the National Hurricane Center, said in a recent meeting in West Palm Beach. "We just have a lot more people in the way."
"If a major hurricane strikes Florida this season, we all pay!"
A strong reminder on the eve of the season's start!
Sunday, May 17, 2009
"Florida has created a fragile, unstable insurance market that leaves Florida homeowners and taxpayers in grave financial risk."
a quote from Florida Association of Insurance Agents' President, Jeff Grady in today's Gainesville Sun editorial.
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