ACI Op-ed in Florida Ledger: CAT Fund Needs Fixing

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, […]

ACI Survey Finds Floridians Support Fixing the State’s Insurance CAT Fund

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 […]

Florida CAT Fund Survey Summary

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 […]

GAO Report Finds State Insurance Funds Expose Consumers and Tax Payers to Massive Costs; Set Rates Below Risk

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.  […]