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State exposure to last-resort property insurers has grown 12-fold over the 16 years ending in 2006, to a whopping $656.7 billion, according to a new economic study by the Insurance Information Institute.

Equally staggering, the number of residential properties insured by these so-called “fair access to insurance requirements” programs has soared 140 percent from 1997 to 2006, the study found.

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