Florida Hurricane Catastrophe Fund Florida Hurricane Catastrophe Fund Publishes Proposed Rates and Rating Regions, Ratemaking Formula Report
Mar 29, 2013
The Florida Hurricane Catastrophe Fund (“FHCF”) advised today, March 29, 2013, that it has published its 2013 proposed rates as a result of the 2013 FHCF Premium Formula. Approved by Florida’s State Board of Administration (“SBA), the rates are based on the 2013 FHCF Ratemaking Formula Report, which was presented to the FHCF Advisory Council on March 21, 2013.
To view the Report, click here.
The rates assume:
- FHCF per-event retention of $7.213 billion (which drops to one-third on the third largest and subsequent event)
- FHCF limit level of $17 billion
In the 2013 Ratemaking Formula Report, the Mitigation Construction Rating Classification Factor Relativities can be found in Exhibit XIV and the Temporary Increase in Coverage Limit (TICL) factors can be found in Exhibit XVII.
IMPORTANT NOTE: No rates are final until approved by the SBA and the State of Florida Appropriations Bill becomes law. Once the rates are final, they will be posted to the FHCF’s Website; however, according to Section 215.555(5)(b), F.S., the SBA may, at any time, revise the FHCF Premium Formula. These rates are provided for informational purposes only. Although they are believed to be reliable, they are not guaranteed as to accuracy or completeness.
Hyperlinks to Mandatory Rates and Rating Regions are provided below.
Below are materials from the March 21 Advisory Council meeting, including the aforementioned Ratemaking Formula Report.
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