Hurricane Matthew, while not being the catastrophic event it could have been, still took quite a toll on Florida. Damage claims are now estimated between $4 and $10 billion. Thankfully, the Florida Legislature prepared for disaster over the last decade.
The Florida Hurricane Catastrophe Fund was established to aid insurers in the event of a catastrophic storm. By investing in reinsurance purchased at historically low rates, the Florida Legislature ensured the Catastrophe Fund remains sound, which also ensures your monthly premiums won’t skyrocket.
With these investments in the Catastrophe Fund, Florida’s financial outlook will remain bright for years to come.
– Tom Feeney, Associated Industries of Florida