This op-ed discusses the need for reforming Florida’s CAT Fund and can be read here.
The op-ed is avaible at the Gainesville Sun website.
For years, Florida’s property-insurance crisis has remained unsolved, with an ever-building mountain of unfunded debt obligations building up, driving up consumer costs, creating unnecessary risk and uncertainty, hampering Florida’s economic recovery and discouraging insurance competition for your business. Epitomizing these crises, Florida Hurricane Catastrophe Fund leadership has testified to the governor and the Legislature that, […]
The Florida Times Union article “Floridians get the Cat Fund Troubles” mentions the American Consumer Institute survey of state insurance consumers and calls for fixing the current broken state-run insurance Cat fund. The article can be read here.
“Floridians Would Pay More to Shore-Up Cat Fund: Survey,” Insurance Journal, published December 6, 2011.
A statewide consumer survey conducted by the American Consumer Institute (ACI) finds that 70% of Floridians fear being assessed hundreds or thousands of dollars in hurricane taxes, because the state’s Catastrophe (CAT) Fund may run out of money to pay insurance claims. The telephone survey of 805 consumers found 80% of Floridians did not want […]
Are you concerned that you might have to pay hundreds and even thousands of dollars in “hurricane taxes” to the state if Citizens or the Catastrophe Fund run out of money to pay its claims? Yes (70%) No (25%) DK/Refused (4%) Do you support or oppose allowing the Catastrophe Fund to selling more insurance […]
Here comes another potential bailout. The newly released GAO report, “Natural Catastrophe Insurance Coverage Remains a Challenge for State Programs,” supports ACI’s conclusion that state funds “discourage private market involvement and mitigation.” The report finds that some states are setting insurance prices below cost, driving out private insurers and putting nearly involvent state-run “public options” in their place. […]