NU Online News Service, June 17, 3:30 p.m. EDT
The Florida Hurricane Catastrophe Fund and Florida Citizens Property Insurance Corp. have more than $2 trillion in total exposures, exceeding the exposures of eight other similar state programs combined, according to a new report by the Government Accountability Office (GAO).
The report reviewed the status of state natural catastrophe insurance programs in Alabama, California, Florida, Louisiana, Mississippi, North Carolina, New Jersey, South Carolina and Texas.
The GAO found that the insurance programs in Mississippi, Texas, and Florida had the most growth in total exposures from 2005-2009, with increases of 495 percent, 147 percent and 146 percent, respectively.
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