(The Center Square) — The Florida Hurricane Catastrophe Fund Advisory Council has approved a new premium reimbursement formula that will help alleviate the burden on insurance companies operating in Florida.
The Florida Hurricane Catastrophe Fund, a state program that provides critical backup coverage to property insurers, is estimated to have $10 billion in losses from Hurricane Ian, officials said Wednesday.
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The Florida Hurricane Catastrophe Fund provides relatively inexpensive reinsurance to carriers as a way to help stabilize the property-insurance market.