The Florida homeowner's insurance market is short of capacity by a half-billion dollars, an industry expert has told investors.
Robert Hartwig, chief economist for the Insurance Information Institute, New York, speaking during a Lehman Brothers-sponsored conference call said that, "I have calculated from testimony earlier this year that Florida needs nearly $500 million in 2005 alone in new insurance capacity just to keep pace with demographic-driven growth."
He added that "it will fall short of that in the indefinite future."
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