Florida Hurricane Catastrophe Fund Issues 2009-2010 Capacity Report
Jul 31, 2009
The Florida Hurricane Catastrophe Fund (“FHCF”) has published its 2009-2010 Capacity Report, which may be viewed by clicking here.
The FHCF’s current estimated capacity for the 2009-2010 Contract Year is $16 billion (based on the May 2009 claims paying capacity estimates). This is expected to be funded with $8 billion of currently available liquid resources (cash of $4.5 billion and $3.5 billion of pre-event notes) and $8 billion of estimated post-event bonding. The potential shortfall from the “theoretical maximum” that could be offered under law is $7.173 billion. An initial projected $18.5 billion potential shortfall from maximum potential coverage reported had been reported earlier in 2009.
The Report also provides information on legislative changes to the FHCF resulting from House Bill 1495 becoming law on June 1, 2009.
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