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Restructuring Hurricane Loss Fund

October 9th, 2007 by Mike Vasilinda

Florida’s Chief Financial Officer says the state should stop underwriting
hurricane risks since it did not result in lower insurance rates as
promised. Florida is on the hook for up to 28 Billion dollars in
hurricane losses. The CFO is proposing getting out of the risky business
because after two years of no storms, reinsurance rates for property
insurers are coming down.  In making the proposal, Sink asks “Do we really
want to mortgage our future when there is an opportunity
to spread this risk back out to the global market. Let’s spread this
risk out globally, as opposed to have it all, these billions of dollars,
concentrated right here on the backs of Florida citizens.”

Sink is also proposing putting the authority for the hurricane fund
under the Governor and Cabinet. Right now she has sole authority..and
responsibility for the fund.

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