At the first meeting of the Task Force for Long-Term Solutions for Florida's Hurricane Insurance Market's first meeting, Steve Goldberg offered his views on the Florida market and the challenges ahead.
The financial structures that exist in Florida today were not put in place overnight and there are no overnight solutions to the challenges ahead. But one of the benefits of having a task force is that it allows us to take a long-term view of what must be done to ensure there is adequate capital in the market. To begin, there must be some fundamental principles and agreements consistent with that goal.
Florida has been exposed to devastating hurricanes for centuries. Geographically, the state is located in a position that exposes it to hurricanes developing in both the Atlantic Ocean and the Gulf of Mexico. As such, the state is at enormous risk every year to suffer intense damage and large financial losses from any number of hurricanes.
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