Associated Press News Release
May 15, 2014
TALLAHASSEE, Fla. (AP) -- Florida is heading into hurricane season with good news.
The state-created fund that backs up private insurers in Florida appears to be in very good financial shape again this year.
New projections show that the Florida Hurricane Catastrophe Fund should have nearly $13 billion available for the Atlantic hurricane season that starts on June 1.
On Thursday, an advisory panel for the fund will hear Wall Street firm estimates on how much money the fund would have to borrow if Florida was hit with a devastating storm. Those estimates show that the fund should be able borrow more than enough for this year.
The financial health of the fund is important because the state can place a surcharge on most insurance policies if the "Cat Fund" runs out of money.