#   FL Taps $3 Billion Into Cat Fund 

_News_

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Tom Gallagher, chief financial officer of the Florida Department of Financial Services (DFS), announced on Monday that insurers are expected to drain $3 billion from the state’s Hurricane Catastrophic Fund.

With a present cash balance of $5.6 billion in the fund that is expected to reach $6 billion by the end of the year, the borrowed money will be utilized to help pay an estimated $21.9 billion in damage from four hurricanes that struck Florida earlier this year. Hurricane Frances doesn’t qualify because its damage totals were less than $4.5 billion.

Sources:
- National Association of Mutual Insurance Companies (http://www.namic.org/topnews/041019st1.asp)