When Hurricane Ike skirted past the Florida Keys last month and avoided making a direct hit on South Florida, State Senator Jeremy Ring (D-Margate) had one thought: "We just got lucky."

Now he wonders just how long that lucky streak will continue, and more importantly, how long the Florida Hurricane Catastrophe Fund will avoid paying billions in reinsurance claims.

"We have dodged a bullet temporarily," said Ring. "Citizens and taxpayers of Florida need to understand that the single biggest risk to our economy is not our property taxes or real estate regression. It's the biggest risk we haven't encountered yet."

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Reinsurance