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National CAT Fund

August 30th, 2011 by flanews

Hurricane Irene is the tenth billion dollar storm in the US so far this year, the most in recorded history. At one point 12 states were in a state of emergency as Irene moved up the east coast. As Whitney Ray tells us, supporters of a national catastrophe fund say the widespread destruction highlights the need for national protection.

Wind, water and fire are a few of the elements destroying large parts of the country this year. 2011 started with snow storms in the Northeast and Midwest, followed by tornados in the South and wildfires all over.

The National Flood Insurance Program is bankrupt as water begins to recede in South Dakota where its been a soaked summer. So far this year there have been 10 storms, each causing more than a billion dollars in damage.

Thats the most billion dollar storms ever in a single year in the US. Some say its proof the country would benefit from a national catastrophe fund. We caught up with President Barack Obama while on the campaign trail in 2008. He supported more federal help.

I think its very important that the people of Florida are able to get insurance and I think the nation government has to provide some help, said the President in September of 2008.

But getting congress on board has been tough, because most states have less exposure than Florida. Industry expert Bob Lotane says the recent sting of storms proves no one is safe.

Weve had twisters that have destroyed a good sized city in the middle of the country. Weve had earthquakes that were all up and down the eastern coast and the Atlantic coast and now weve had a hurricane that has hit 12 states, possible the worst damage is being seen in Vermont, said Lotane.

Florida has its own cat fund, but critics say its not fat enough to keep the state from going bankrupt if a major hurricane hits a large city. A national fund would make that scenario less likely. Advocates of a national cat fund believe the reassurance would bring more insurance companies into Florida and could help the state drop costly Citizens Property Insurance Policies.

Posted in Hurricane Season, State News, Weather | 1 Comment »

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