Florida Hurricane Catastrophe Fund Publishes 2011-2012 Annual Report
Apr 26, 2013
The Florida Hurricane Catastrophe Fund (“FHCF”) published its Annual Report for Fiscal Year 2011-2012 today, April 26, 2013.
To view the Report, which provides data on the FHCF’s financial status and operational activities for the year ending June 30, 2012, click here.
No reimbursement payments for the 2012 FHCF Contract Year were required from participating insurers, since no hurricane has made landfall in Florida for the seventh consecutive year, the Report notes.
The FHCF also points out in the Report that it has nearly completed the commutation process for losses from the 2004 and 2005 hurricane seasons. The emergency assessment of one percent on assessable lines of business that was previously levied to finance FHCF revenue bonds issued in 2006, 2008 and 2010 was increased to 1.3 percent on all policies written or renewed after January 1, 2011. The assessment will remain until approximately 2016, at which time the debt will be paid off.
To access the FHCF Annual Reports from previous years, click here.
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