State-Run Property Insurers Growing Rapidly, Report Says

Law360, New York (July 10, 2012, 5:25 PM EDT) -- State-run property insurers of last resort provided a record high number of commercial and residential policies in 2011, exposing themselves to nearly $885 billion in losses even as many had limited abilities to raise rates, an Insurance Information Institute report revealed Monday.

Insurers like the Florida Citizens Property Insurance Co. and Louisiana Citizens Property Insurance Corp. were set up to provide coverage to high-risk policyholders that have trouble obtaining policies from the standard market.

But according to the III, these state-run insurance plans are continuing to...
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