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Cat Fund Still Paying for 2004-2005 Seasons

The Florida Hurricane Catastrophe Fund (Cat Fund) is likely to increase its assessments early next year because it is still paying off claims associated with the eight hurricanes that struck Florida back in 2004 and 2005.

By Gary Fineout | Updated on November 30, 2009

The Florida Hurricane Catastrophe Fund (Cat Fund) is likely to increase its assessments early next year because it is still paying off claims associated with the eight hurricanes that struck Florida back in 2004 and 2005.

A number of insurers that purchased 90 percent coverage from the Cat Fund have already reached their deductible level for those two storm seasons, so they are passing on the cost of these new claims to the Cat Fund.

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