Florida Hurricane Catastrophe Fund Publishes 2012 Proposed Rates
Mar 27, 2012
The Florida Hurricane Catastrophe Fund (“FHCF”) has posted proposed rates for 2012 based on the Ratemaking Formula Report (“Report”) presented to the FHCF Advisory Council on March 22, 2012. The proposed rates have not yet been approved by the State Board of Administration.
The report recommends a 14.79 percent increase in FHCF mandatory rates for the 2012 Contract Year (based on S. 215.555, F.S.), a $17 billion coverage limit, and a $7.389 billion per event retention, which drops to $2.463 billion for the third largest and subsequent events.
The rating formula is expected to produce $1.314 billion in total mandatory FHCF premium, compared with $1.145 billion for the 2011 FHCF Contract Year.
To access the Report and other March 22 meeting materials, including the FHCF’s Ratemaking Formula presentation, click here.
To view the rates, click on the following hyperlinks:
Should you have any questions or comments, please contact Colodny Fass.
Click here to follow Colodny Fass on Twitter (@CFTLAWcom)
To unsubscribe from this newsletter, please send an e-mail to Brooke Ellis at bellis@cftlaw.com.