Newspaper article Sarasota Herald Tribune

Head of Insurer Group Pans Catastrophe Fund

Newspaper article Sarasota Herald Tribune

Head of Insurer Group Pans Catastrophe Fund

Article excerpt

ORLANDO

The head of a national insurance association slammed the idea of a federal catastrophe fund -- once considered the ultimate solution to Florida's property insurance woes by many state leaders -- during opening remarks Wednesday at a meeting of state business leaders in Orlando.

Charles Chamness, president of the National Association of Mutual Insurance Companies, called the national catastrophe insurance program a "beach house bailout" and said his group would work to stop it from moving forward.

Hurricane Sandy's aftermath may lead to a renewed push for more federal involvement in natural disaster insurance coverage, Chamness said at the Florida Chamber of Commerce's annual "insurance summit," adding that "we think it is unlikely that it will move ahead."

Top Florida leaders ranging from former Gov. Jeb Bush to U.S. Sen. Bill Nelson and members of Congress have pushed for the creation of a national fund to help spread the risk of natural disasters beyond state borders. …

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