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Catastrophe Fund Faces Questioning

The American Insurance Association has testified before a New York State Senate committee that many complex questions must be answered before the state considers implementing a catastrophe fund, something it is currently debating.

By staff Writer | Updated on October 25, 2005

The American Insurance Association has testified before a New York State Senate committee that many complex questions must be answered before the state considers implementing a catastrophe fund, something it is currently debating.

“Florida is the only state that has a state-run insurance facility for catastrophes,” said Gary Henning, AIA assistant vice president, Northeast Region. “But New York is very different from Florida in a number of important respects. For example, New York’s coastal exposure is far less than Florida’s, and hurricanes make landfall in New York far less frequently than they do in Florida. In addition, there is currently no evidence of a homeowners’ insurance availability problem in New York that necessitates the creation of a cat fund.”

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