Florida insurance fund could be short of cash needs

A state-created fund that backs up private insurers in Florida could fall short of the money it needs to pay off hurricane insurance claims if a major storm were to pound the state. A new round of estimates drawn up for an advisory panel concludes that the state could fall $1.52 billion short of what’s needed to cover its obligations for the fund. On Tuesday, the panel will review and approve the estimates, which are similar to ones drawn up earlier this year. Florida created a special fund after Hurricane Andrew caused widespread damage 20 years ago.