According to the private insurance industry’s Insurance Information Institute (I.I.I.) they do. In a recent report, “Residual Market Property Plans: From Markets of Last Resort to Markets of First Choice,” I.I.I. says that by year-end 2006, total exposure to loss in state-run property insurers is estimated to reach more than $600 billion, well above the $54.7 billion in 1990. As more private property insurers shy away from high risk markets an enormous financial burden is being placed on state-run insurers, leaving a number of them operating at substantial deficits. I.I.I. indicates that the rapid growth of state-run property insurers of last resort may shift much of the long-term risk of hurricane-related losses to policyholders and taxpayers, even those who live nowhere near the coast. Read more from the Insurance Journal
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