Florida’s massive reinsurance fund is much smaller this storm season
The size of Florida’s state-created reinsurance fund has dramatically reduced in size this storm season.
A combination of market forces, as well as a higher cost now attached to certain types of coverage, has resulted in a much smaller Florida Hurricane Catastrophe Fund.
The Cat Fund as it is known had up to $8 billion worth of coverage available for sale in its top optional layer of coverage. But insurers this year only bought $1.3 billion.