Florida’s ‘Cat Fund’ Eyes $10B in Ian Losses (Orlando Sentinel)

Florida’s ‘Cat Fund’ Eyes $10B in Ian Losses

  Thursday, October 27th, 2022 Source: Orlando Sentinel

The Florida Hurricane Catastrophe Fund, a state program that provides critical backup coverage to property insurers, is estimated to have $10 billion in losses from Hurricane Ian, officials said Wednesday.

The program commonly known as the ‘Cat Fund’ will be able to handle Ian’s financial hit, though it will go into the 2023 hurricane season with reduced amounts of cash.

‘We feel very confident that we can cover our obligations from Ian because going into this year we had a very healthy cash balance,’ Gina Wilson, the fund’s chief operating officer, said during a meeting of the Florida Hurricane Catastrophe Fund Advisory Council.

The Cat Fund provides relatively inexpensive reinsurance to carriers as a way to help stabilize the property-insurance market. Carriers also buy private reinsurance, which serves as backup coverage to help pay claims in situations such as hurricanes.

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