Florida Financial Services Commission Annual Probable Maximum Loss Report–Citizens Property Insurance, Florida Hurricane Catastrophe Fund Assessments Would Be Lower in 2013
Feb 26, 2013
Should a catastrophic storm hit Florida during 2013, the potential assessment burden from Citizens Property Insurance Corporation (“Citizens”) and the Florida Hurricane Catastrophe Fund (“FHCF”) is estimated to be lower than last year, according to a statutory report issued by the Florida Financial Services Commission.
The annual report, prepared pursuant to s. 627.3519, F.S., includes data on Citizens and FHCF 50-year, 100-year and 250-year aggregate net probable maximum losses (“PML”), financing options and potential assessments. The report also includes analysis of all reasonable financing strategies for each such PML, including the amount and term of debt instruments, specification of the percentage assessments that would be needed to support each of the financing strategies, and calculations of the aggregate assessment burden on Florida property and casualty policyholders for each of the PMLs.
The repeal of s. 627.3519, F.S. is among the provisions of Senate Bill 1046 by Senator Jeff Brandes. The legislation has been dubbed as this year’s “omnibus” insurance bill.
To view the report, click here.
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