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Fla. catastrophe fund in relatively good shape
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Published: April 14, 2009
TALLAHASSEE - Gov. Charlie Crist and the Florida Cabinet are finally hearing some good news about the state's hurricane catastrophe fund.
The head of the agency responsible for investing the fund told the Cabinet on Tuesday that a loosening credit market provides the ability to tap an additional $5 billion, if needed.
Ash Williams said he thought Florida could financially withstand a severe storm like Hurricane Andrew in 1992, which would be cost about $22 billion today.
The fund was established after Andrew to back up insurers in the event of a particularly devastating hurricane, or a quick succession of smaller ones.
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