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Cat Fund Issues FY 2008-2009 Report

The Florida Hurricane Catastrophe Fund has issued its fiscal year 2008-2009 annual report.

By staff Writer | Updated on April 13, 2010

The Florida Hurricane Catastrophe Fund (Cat Fund) has issued its fiscal year 2008-2009 annual report. Thanks to another no-hurricane year, no reimbursement payments for the 2009 contract year were required from the fund to its participating companies. However, all indications reveal the need to issue additional debt in 2010. The deterioration of the financial markets in 2008 adversely impacted the fund, which suffered some investment losses. The fund’s October 2008 bonding estimates reflected a significant reduction in its claims paying capacity. The report noted that 78 percent of the fund’s exposure is located in Florida’s thirty-five coastal counties, making Florida particularly vulnerable to hurricane risk. Other significant data for fiscal year 2008-2009 noted in the report:

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