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Florida Hurricane Catastrophe Fund In Good Shape

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Apr 14, 2009 12:52 pm US/Eastern

Florida Hurricane Catastrophe Fund In Good Shape

TALLAHASSEE (CBS4) ― Florida governor Charlie Crist and his cabinet finally received some good news about the state's hurricane catastrophe fund. The agency investing the fund indicated on Tuesday that the loosening of credit provides the state an additional $5 billion if needed.

Ash Williams, who heads the agency, said Florida could fiscally withstand the impact of a severe tropical system like Hurricane Andrew. The 1992 storms would cost around $22 billion today, according to the Associated Press.

The catastrophe fund was set up after Andrew as a means to back up insurers in the event of a severe hurricane, or a chain of smaller storms.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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