With the property-catastrophe market drying up following back-to-back years of record hurricane losses in 2004 and 2005, Florida lawmakers took a huge leap into the abyss by passing a law to provide cheaper reinsurance for primary carriers–with the savings to be passed on to policyholders.

There was only one problem–in a worst-case scenario, the move ultimately leaves citizens of Florida (that is, individual residents–not Citizens, the state’s property insurer of last resort) with tens of billions in potential exposure.

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