Insurers going broke and a resultant national economic upheaval are “highly likely” unless state and federal governments, the public, and insurers take steps to reduce the impact of catastrophe losses, according to a consulting firm analysis.

The study — by Needham, Mass.-based TowerGroup — calls for actions to halt growth in areas susceptible to natural catastrophe, reward disaster-resistant building, bolster insurer reserves and reinsurance backups, and improve flood coverage.

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