News & Updates

FHCF

Special Session Proposals Address Property Market Concerns

Special Session Proposals Address Property Market Concerns

The Florida House of Representatives and Senate have released their proposals for next week’s special session on property insurance reform.  The special session follows last month’s call from Governor Ron DeSantis for a special session dealing with the crisis in Florida’s residential property insurance market. Reinsurance Protection Although their proposals are subject to change when […]

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FHCF Projects $17 Billion in Single Season Capacity

FHCF Projects $17 Billion in Single Season Capacity

The Florida Hurricane Catastrophe Fund (FHCF) projects that will be able to satisfy its $17 billion in single-season reimbursement obligations if called upon.  The FHCF releases its estimated claims-paying capacity in May and October of each year.  In its October estimate, the FHCF anticipates it would reach the $17 billion single season cap through $11.3 […]

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FHCF Enters Hurricane Season in Strong Financial Position

FHCF Enters Hurricane Season in Strong Financial Position

The Florida Hurricane Catastrophe Fund (FHCF) begins the 2020 in a strong position to pay reimbursements to insurers if the need arises this year.  The FHCF releases estimates of its claims-paying capacity in May and October of each year.  The FHCF projects having $11.62 billion of cash on hand plus $650 million in pre-event note […]

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Legislative Session Creates Fast Start to New Year

Legislative Session Creates Fast Start to New Year

With this year’s legislative session nearly upon us, the holiday season soon will seem like just a blur.  The Florida legislature has one 60-day regular session each year.  This year, the session begins on January 14, 2020. The legislature tackled assignment of benefits (AOB) reform in the 2019 session.  The new law took effect mid-year, […]

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Cat Fund Advancing Rules for 2020 Season

Cat Fund Advancing Rules for 2020 Season

The Florida Hurricane Catastrophe Fund (“FHCF”) is in the process of adopting rules for the 2020 hurricane season.  The FHCF has scheduled a rule hearing for October 18 to discuss proposed changes to rule 19-8.010.  This rule annually adopts the then-current version of the FHCF contract.  Among other changes, the 2020 contract will incorporate the […]

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FHCF Maintains $17 Billion Single-Season Capacity

FHCF Maintains $17 Billion Single-Season Capacity

The Florida Hurricane Catastrophe Fund (FHCF) continues to anticipate it will be able to meet its $17 billion in contracted single-season capacity if the need arises.  The FHCF projects its year-end 2019 fund balance will be $12.4 billion. Adding $1.7 billion in pre-event notes and an expected $1.0 billion in risk transfer (reinsurance), the FHCF projects […]

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FHCF Provides Early Look at 2018 Capacity

FHCF Provides Early Look at 2018 Capacity

The Florida Hurricane Catastrophe Fund continues to project that its single-season limit of $17 billion is available for reimbursements this year, some of which will be eroded by Hurricane Irma losses.  According to current estimates, Irma reimbursements could range from $3 billion to $6 billion, with $5.1 billion being the current point estimate. As the 2017 […]

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FHCF Projects Irma Losses Well Within Fund Balance

FHCF Projects Irma Losses Well Within Fund Balance

The Florida Hurricane Catastrophe Fund will be triggered as a result of Hurricane Irma, but expected reimbursements are likely to remain well within the fund’s existing resources.  The FHCF’s actuarial consultant projects that the FHCF will reimburse insurers for between $3 billion and $6 billion in losses, with $5.1 being an appropriate and conservative estimate.  […]

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Cat Fund Expects to Reimburse Insurers But No Assessments

Cat Fund Expects to Reimburse Insurers But No Assessments

Florida Hurricane Catastrophe Fund Chief Operating Officer Anne Bert provided an update to key legislative committees this week relating to the FHCF’s expected reimbursement obligations arising from Hurricane Irma.  Ms. Bert stated that current projections suggest the FHCF’s ultimate losses from Irma will be between $3 billion and $5 billion.  This amount is well-within the […]

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