Florida Hurricane Catastrophe Fund 2020

A nine member advisory council provides the sba with information and advice.

Florida hurricane catastrophe fund 2020. The state has a couple layers of protection between a hurricane hitting and a statewide tax to make up the difference including a pot of money known as the florida hurricane catastrophe fund but. The fhcf s reinsurance contract for 2019 2020 totaled 920 million attached at 10 5 billion according to kuczwanski. Including a pot of money known as the florida hurricane catastrophe fund. The fhcf projects that its year end fund balance for the 2020 2021 contract year is 11 4 billion and it has an estimated bonding capacity of 8 7 billion which equals a total estimated claims paying capacity of 20 1 billion or 3 1 billion above its statutory limit of 17 0 billion.

The florida hurricane catastrophe fund fhcf was created in november 1993 during a special legislative session after hurricane andrew. The purpose of the fhcf is to protect and advance the state s interest in maintaining insurance capacity in florida by providing reimbursements to insurers for a portion of their catastrophic hurricane losses. 2020 2021 fhcf reimbursement contract. According to a report prepared by bhatia s firm.

The florida hurricane catastrophe fund s fhcf ultimate loss from 2017 s hurricane irma has continued to creep higher in 2020 rising from 6 billion booked at the end of 2019 to 6 5 billion. Florida hurricane catastrophe fund 2020 rates. The florida statutes along with the rules adopted by the state board of administration of florida sba are the authoritative source on all fhcf policies and requirements. Seven things to know about a hurricane season like no other.