Florida is the most hurricane-prone state in the United States and the only one that has created a government-run reinsurance catastrophe fund. In its current form, the Florida Catastrophe Fund (Cat Fund) concentrates risk within the state across all Floridians.
Sphere created a video to explain the problems with the state’s current reinsurance system and the benefits of two bills that aim to reduce the size of the Cat Fund. The video illustrates that in the event of a large hurricane or a group of successive smaller storms, the already-overextended Cat Fund will collapse. All insured Floridians including homeowners, renters, business owners, churches, charities and automobile policyholders would bear the cost in the form of a “hurricane tax.”
Coupled with traditional communications and direct lobbying at the state level, the video aims to mobilize support among Floridians seeking a common-sense approach to disaster risks. In addition to clearly outlining the need for Cat Fund reform, the video’s quick production and turnaround has allowed our client to add another element to the discussion and influence the outcome of the debate.
See the video below:
