News & Updates

Florida Hurricane Catastrophe Fund

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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FHCF Enters Hurricane Season with Full Limit Available

FHCF Enters Hurricane Season with Full Limit Available

The State Board of Administration has announced the estimated borrowing capacity, estimated claims-paying capacity, and projected balance of the Florida Hurricane Catastrophe Fund as of December 31, 2017.  These estimates relate to the FHCF’s expected ability to pay reimbursements to insurers from losses occurring in the 2017-2018 Reimbursement Contract Year. The FHCF’s total estimated claims-paying capacity […]

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FHCF to Discuss Insurer Reporting and Responsibility Rules

FHCF to Discuss Insurer Reporting and Responsibility Rules

The Florida Hurricane Catastrophe Fund (FHCF) has scheduled a rule development workshop for January 5 to discuss potential revisions to rule 19-8.029 relating to insurer reporting and 19-8.030 governing insurer responsibilities.  These are longstanding rules that govern topics such as insurers’ reporting of exposures and losses to the FHCF.  The FHCF reviews and updates these […]

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Projected FHCF Capacity Continues to Exceed Single Season Limit

Projected FHCF Capacity Continues to Exceed Single Season Limit

The Florida Hurricane Catastrophe Fund (FHCF) continues to project that it can fully meet its $17.0 billion in potential reimbursement obligations from one or more hurricanes arising in a single season.  Recent projections suggest the FHCF could issue $7.6 billion in bonds over a 12-month period following an event.  This exceeds the amount that would […]

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Administrative Law Judge Declares FHCF Request for Street Addresses Invalid

Administrative Law Judge Declares FHCF Request for Street Addresses Invalid

An administrative law judge has ruled that a Florida Hurricane Catastrophe Fund (FHCF) data call request for insurers’ street address data by policy is invalid because the request exceeds the FHCF’s deleted legislative authority.  Insurers submit data call responses to the FHCF each year containing details about the residential insurance policies they write.  Historically, the […]

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Storm Free Years Bolster FHCF

Storm Free Years Bolster FHCF

As with other aspects of the Florida residential property insurance market, the Florida Hurricane Catastrophe Fund (FHCF) continues to benefit from the recent run of hurricane-free years.  Not only does the FHCF anticipate that it can fully meet is statutory limit of $17 billion in single-season capacity, most of the the FHCF’s current single-season capacity […]

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Property Issues Not Prominent This Year

Property Issues Not Prominent This Year

Property insurance issues have dominated the legislative session in nearly every year since Hurricane Andrew.  If property insurance was not the most prevalent issue in a given session, it certainly ranked in the top five topics being considered.  Over the last twenty years, the legislature has established the Florida Hurricane Catastrophe Fund, merged the former […]

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