Florida balks at assuming cat risk. (catastrophe reinsurance)

National Underwriter Property & Casualty-Risk & Benefits Management, April, 1995 by Adams, Michael H.

TALLAHASSEE--Faced with a potential $50 billion insured loss if a Class 5 hurricane hits Miami this year, national property insurers have mounted a campaign in the Florida legislature to make the state the ultimate guarantor for hurricane loss. State Farm Ins. Co., in Bloomington, Ill., Allstate Ins.

Co., in Northbrook, Ill., and other property insurers are seeking legislative approval for a plan that would require Florida property owners to purchase insurance against hurricane loss from the Florida Hurricane Catastrophe Fund. Alarmed by the move, state leaders last week railed against the proposal, accusing the insurers of trying to secure a "bailout' in the final weeks of the regular 1995 Florida legislative session. At a state capitol press conference, Florida...

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