The Real Deal Miami

Cut storm risks, Sink says

March 13, 2009 11:57AM

Legislative committees on insurance have their work cut out for them in an economic downturn, Florida Chief Financial Officer Alex Sink said recently. Until Florida establishes a long term, strategic vision for addressing hurricane risk, she said the state will be overexposed and Floridians with property insurance will be forced to pay the price in the event of a major storm. She says Florida needs to reform funding strategies that don’t rely on the Florida Hurricane Catastrophe Fund, and should phase in rate hikes for Citizens Property Insurance Corp., the state-run insurer of last resort.