LAS VEGAS–The former president of Florida's insurer of last resort told an industry group meeting that a national catastrophe fund would make more sense as a reinsurance program than as a primary insurer similar to the federal flood program.
Speaking yesterday during the National Underwriter Company's 11th annual ACE (America's Claims Event) conference here, Robert L. Ricker, former president of Citizens of Florida, while raising the issue of a national catastrophe insurance plan, maintained he was taking no stance on whether one should be adopted.
He noted that there are major sections of the country with enormous risk exposures from earthquake, hurricane and terrorism. Using a map, he showed that virtually every section of the country is subject to some kind of risk with estimated losses that could run into $10- or $20 billion in losses or higher.
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