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Stronger Safer Florida

Reopening Florida in the midst of hurricane season

Posted on September 15, 2020

IN CASE YOU MISSED IT

In a recent opinion piece published by the Gainesville Sun, President of the Florida Hispanic Chamber of Commerce, Julio Fuentes, discusses critical issues around reopening during hurricane season, with a focus on Hispanic Floridians. [Read more…] about Reopening Florida in the midst of hurricane season

Filed Under: Business Tagged With: Stronger Safer Florida

2020 Atlantic hurricane season will be ‘extremely active,’ NOAA says in updated forecast

Posted on August 13, 2020

The National Oceanic and Atmospheric Administration (NOAA) recently revised its forecast for the 2020 Atlantic hurricane season to “extremely active.” [Read more…] about 2020 Atlantic hurricane season will be ‘extremely active,’ NOAA says in updated forecast

Filed Under: People Tagged With: Stronger Safer Florida

Florida faces potential “double whammy” this hurricane season

Posted on July 30, 2020

IN CASE YOU MISSED IT

Florida faces potential “double whammy” this hurricane season

In a recent opinion piece published by the South Florida Sun-Sentinel, Executive Vice President of the Florida Chamber of Commerce David Hart cautions that Florida could be facing a higher-than-average active hurricane season complicated by the economic downturn the state has experienced due to the COVID-19 pandemic. [Read more…] about Florida faces potential “double whammy” this hurricane season

Filed Under: Business Tagged With: Stronger Safer Florida

Get ready for hurricane season

Posted on June 2, 2020

The era of COVID-19 brings new concerns to hurricane season and preparation.

In an opinion piece published by the Tampa Bay Times, President and CEO of the Florida Wildlife Federation Preston Robertson reminds us that in the midst of the COVID-19 pandemic, we must do what is necessary to prepare for the Atlantic hurricane season, which began yesterday. [Read more…] about Get ready for hurricane season

Filed Under: People Tagged With: Stronger Safer Florida

Florida Consumer Action Network op-ed: Florida lawmakers should encourage strengthening our homes

Posted on January 30, 2020

In an opinion piece published by the Palm Beach Post, Florida Consumer Action Network deputy director Bill Newton calls upon the Florida Legislature to consider stronger building codes, especially in Florida’s Panhandle where the building code is far weaker (built to withstand 120 mph winds) than in South Florida where buildings are built for 175 mph winds. [Read more…] about Florida Consumer Action Network op-ed: Florida lawmakers should encourage strengthening our homes

Filed Under: Government Tagged With: Florida Consumer Action Network, Stronger Safer Florida

New University of Florida Study Recommends Building Beyond Existing Florida Building Code

Posted on January 23, 2020

A new report released by the University of Florida Engineering School of Sustainable Infrastructure and Environment recommends voluntary building enhancements that would exceed the current requirements of the Florida Building Code. [Read more…] about New University of Florida Study Recommends Building Beyond Existing Florida Building Code

Filed Under: Government Tagged With: Florida Building Code, Stronger Safer Florida

Florida Building Code Improvements to Better Withstand Hurricanes Under Consideration

Posted on October 17, 2019

As reported by the News Service of Florida, the Florida Building Commission is considering updates to the statewide building code that would enable buildings to better withstand the damaging winds and water intrusion associated with hurricanes. [Read more…] about Florida Building Code Improvements to Better Withstand Hurricanes Under Consideration

Filed Under: Government Tagged With: Stronger Safer Florida

Karsner Testifies Before Congress on National Security and Risks of Climate Change

Posted on September 16, 2019

Andy Karsner, an expert strategist in technology, policy and finance and former U.S. Department of Energy Assistant Secretary, last week testified before the House Subcommittee on National Security, International Development and Monetary Policy about the crucial role nature plays in mitigating climate change and strengthening U.S national security. [Read more…] about Karsner Testifies Before Congress on National Security and Risks of Climate Change

Filed Under: Government Tagged With: Stronger Safer Florida

How Florida’s Flood Insurance Model Could Work Nationwide

Posted on August 3, 2018

In a recent article published in the Insurance Journal, Lisa Miller lays out her case for how Florida’s Flood Insurance model could be a solution for the rest of the country. [Read more…] about How Florida’s Flood Insurance Model Could Work Nationwide

Filed Under: Government Tagged With: National Flood Insurance Program, Stronger Safer Florida

Christian Camara Op-Ed: Cat Fund and Other Pre-Irma Insurance Decisions Saved Florida from Economic Disaster

Posted on March 28, 2018

Earlier this month marked the sixth month anniversary of Hurricane Irma making its historic landfall in the state of Florida. Last week, Christian Camara of the R-Street Institute authored an opinion article for Sunshine State News. The article notes the important decisions made by the Florida Legislature to appropriately fund the state’s “rainy day” Hurricane Catastrophe Fund have allowed a vast majority of Floridians to return to a normal daily life. Strategic investments in reinsurance and an appropriate amount of cash on hand allowed for this scenario and it is important for the Legislature to stay the course in future sessions.

Read Christian’s Op-ed below.

September’s strike of Hurricane Irma was one of the strongest storms Florida has ever seen. Every region of the state was affected in some way by the storm, which thus far has caused nearly $8 billion in insured property losses.

While $8 billion is no small number, had the storm stayed on its original forecast track just 50 to 100 miles east of its eventual path — had it directly hit Miami-Dade County and traveled up the entire peninsula, losses easily could have been topped $100 billion.

For most of us in the Sunshine State, life has returned to a sense of normalcy. Debris has been removed, roofs have been shingled and businesses have resumed normal operations. For that, we can thank the prudent decisions of the Florida Legislature and Gov. Rick Scott, their handling of the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corp., a favorable reinsurance market and quite a bit of luck from Mother Nature.

Since 2006, Florida saw an unprecedented run of 10 hurricane-free years. In that time, the Florida Legislature wisely chose to build up cash in the Cat Fund, which provides backup coverage called reinsurance both to Citizens and to the state’s many primary insurance companies. This literal “rainy day” fund has a statutory mandate to sell roughly $17 billion in coverage, even when it doesn’t have the resources to pay all of those claims. When a sufficiently bad hurricane strikes the state and the Cat Fund doesn’t have enough cash on hand, it finances those losses by issuing debt. That debt is repaid by policyholders through “hurricane taxes” on their policies for several years.

Were the Cat Fund to be struck by a second large loss in a given year, the claims could even exceed its ability to issue new debt. We don’t really have an answer as to what would happen should that occur, but it certainly would be messy.

To avoid these undesirable scenarios, the Cat Fund has in recent years started to purchase reinsurance of its own. Reinsurers use diversification to pool risks from around the globe, taking on earthquakes in Asia and hurricanes in Florida, with the odds that very large catastrophes in all of these different markets are unlikely to happen all at once.

Had the Legislature and Gov. Scott not acted to shrink the size of Citizens and shore up the resources of the Cat Fund, including through reinsurance, Irma could have left Florida taxpayers with billions in debt. It also likely would have destabilized the Florida insurance market and the state’s economy.

Instead, the losses have been quite manageable. In fact, just days after the storm had cleared the Panhandle, insurance companies, with reinsurance payments in hand, were able to begin paying claims. This allowed rebuilding efforts to begin and infused the state’s economy with outside capital.

Despite the losses from Irma, the Cat Fund looks likely to remain fully funded. Florida’s private insurance companies were able to make good on their claims quickly and without any disruptions.
Just as politicians should learn from their mistakes, so too should they learn from and build upon their success on this issue by staying the course.

Christian Cámara (@ChristianCamara) is a senior fellow at the R Street Institute, a member of the Stronger Safer Florida coalition.

Filed Under: Soup Du Jour Tagged With: Hurricane Catastrophe Fund, Stronger Safer Florida

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