While most of the world divides the year into four seasons, in Florida, there are two; tourist season and hurricane season. For many of us, hurricane season tends to sneak up on us, and this year is no exception. With an early tropical disturbance in the Gulf, the season may be getting a jump start. […]
While there is no preventative measure to stop a hurricane from reaching Florida, preparation is paramount and it requires going beyond buying generators and stocking up on batteries, bread and water. It requires financial preparation, which is something that Florida leadership has been focused on in recent years. In March, Citizens Property Insurance Corporation, the […]
While there is no preventative measure to stop a hurricanes from reaching Florida, preparation is paramount and it requires going beyond buying generators and stocking up on batteries, bread and water. It requires financial preparation, which is something that Florida leadership has been focused on in recent years. Fortunately, progress is being made, despite some […]
The Florida Cabinet made the right decision by authorizing the Florida Hurricane Catastrophe Fund (Cat Fund, a government entity) to buy $1 billion of reinsurance as part of its $17 billion in claims-paying resources. The $1 billion of reinsurance was bought at modest cost and it will spread the cost of any calamity beyond Florida’s […]
ACI, along with a group of nonprofit groups, has written a letter to the Cat Fund CFO and the Florida State Board of Administration urging them to use private capital to reduce risks and the potential for hefty hurricane tax assessments on consumers, churches, nonprofits and small businesses. The letter is available here.
Will Florida be storm-free for another hurricane season? Members of the Florida Legislature must think so, as they have once again hesitated to demonstrate fiscal prudence and protect Florida consumers from the ongoing and unfair financial mess known as the Florida Hurricane Catastrophe Fund (Cat Fund). There is a great opportunity for reform of the […]
The op-ed, written by ACI’s Alan Daley and Steve Pociask can be read at the Huffington Post.
This piece is available on the Daily Caller’s website.
The news of the horrible devastation from the east coast storm has brought calls for a national government-run catastrophe (CAT) fund. However, government-run insurance and CAT funds have proven to be the wrong approach for protecting lives and property from these major disasters. Each inevitable calamity pushes government-run insurance and CAT funds into the limelight. […]
The official start of the Atlantic hurricane season is always June 1, but Mother Nature apparently didn’t get the memo this year. Tropical storms Alberto and Beryl crashed the party before it even started. In contrast, Florida’s costliest natural disaster — Hurricane Andrew — was the first storm of the 1992 season and did not […]