Florida Hurricane Cat Fund Workshop Recap

On June 7th and 8th, 2007, this office attended the Florida Hurricane Catastrophe Fund (“FHCF”) Participating Insurers Workshop in Orlando, Florida. 

Jack Nicholson, Senior FHCF Officer opened the meeting and welcomed the attendees and introduced the presenters. 

The first day of the Workshop featured presentations on the economics of Florida’s insurance market.  Those presentations included: a review of hurricane risk, exposure, and building and development patterns; long-term solutions to Florida’s insurance crisis; recommendations for improving claims settlement practices; the status of the reinsurance market; hurricane preparedness and the importance of mitigation; and a panel discussion on the 2007 Florida legislation and its impact on the FHCF, the insurance industry, the Office of Insurance Regulation, the bonding and financial markets, and the presumptive factor.  The first day concluded with a FHCF educational training program on the FHCF reporting process.

The second day of the workshop included presentations on bonding and emergency assessments; the FHCF premium formula for 2007 – 2008; changes in the 2007 – 2008 reimbursement contract; commutation of 2004 – 2005 losses; examination programs; and online claims reporting.  Of note, it was reported that no company applied for the Temporary Emergency Additional Coverage Option, which would allow an insurer to reduce its FHCF retention. 

For your review, the materials distributed at the workshop are enclosed within the following three hyperlinks:

Part One

Part Two

Part Three

Should you have any questions or comments, please do not hesitate to contact this office.