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Analysis: As hurricanes loom, Florida insurance lives on borrowed time
http://www.reuters.com/article/2013/06/01/us-usa-weather-insurance-analysis-idUSBRE95007520130601(Reuters) - Mother Nature has been kind to Florida's coastline lately with a record run of seven years without a hurricane making landfall, allowing property insurers time to re-stock their depleted coffers.
As a result, when the new six-month hurricane season gets underway on Saturday, state insurance officials say the industry is ready to withstand a major storm. "We are better positioned today than I have seen in 10 years," Kevin McCarty, who heads the state's Office of Insurance Regulation, told Reuters.
Still, industry experts question whether Florida's state-controlled insurance system is able to cope in the long term.
"It's very fortunate for Florida that is has been able to build up its reserves, but the fact of the matter is that Florida is living on borrowed time," said Robert Hartwig, president of the Insurance Information Institute.
