Florida's Hurricane Catastrophe Fund has taken a hit from the economic meltdown of the past few weeks, but its chairman said the fund can and will meet its current obligations.
At a meeting with its financial advisors on Tuesday, the fund's Advisory Council was told that its total reimbursement capacity was estimated at $13.2 billion for a 12-month period and $11.8 billion if bonding were limited to a six-month period.
These numbers, according to the fund, represent a $10-to-$15 billion shortfall from the theoretical capacity needed for a maximum loss year.
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