The Insurance Information Institute in a new study said total exposure to loss by state-run property insurers of last resort has exceeded an estimated $650 billion.
The New York-based I.I.I. warned that the soaring growth of the state-run operations may ultimately shift much long-term risk of hurricane-related losses to policyholders and taxpayers, even those who live nowhere near the coast.
According to I.I.I., the $650 billion number is an incomplete total for 2006, which compares with $54.7 billion in 1990. Total policies in force, I.I.I. found, have also risen to more than two million.
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