Serious problems in Florida's hurricane insurance market are not abating and may be worsening, according to experts who spoke at the Casualty Actuarial Society's annual spring meeting, the organization reported.
CAS, which released portions of their remarks, said recent legislative changes affecting both Citizens Property Insurance Corporation, Florida's state-sponsored property insurer of last resort, as well as private insurers are creating concern over whether the state's insurance affordability and availability problems are being solved.
In addition, the Society said questions surrounding the Florida Hurricane Catastrophe Fund (FHCF)–the legislatively created, tax-exempt financial backstop for insurers in the event of a major hurricane–have contributed to the concerns.
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