The Insurance Information Institute has updated its white paper on property insurance residual markets, including Florida's Citizens Property.

From Cary Schnieder, III:

I thought you might be interested in this updated report which examines the property insurance coverage provided by Fair Access to Insurance Requirements (FAIR) Plans, Beach and Windstorm Plans and two state run insurance companies in Florida and Louisiana: Florida Citizens Property Insurance Company (CPIC) and Louisiana Citizens Property Insurance Corporation (Louisiana Citizens). Also discussed in detail are the plans in Alabama, Massachusetts, Mississippi, North Carolina, South Carolina and Texas.

This year’s report, like the reports of the last four years, records the ongoing growth in the exposure base of the residual market property insurers along with the still-precarious financial condition of some plans. In the course of the last four decades FAIR and Beach Plans have experienced explosive growth both in terms of policy count and exposure value. Total policies in force (both habitational and commercial) in the nation’s FAIR and Beach and Windstorm Plans combined practically tripled from 931,550 in 1990 to 2.8 million in 2010 – a record high. Total exposure to loss in the plans surged from $54.7 billion in 1990 to $757.9 billion in 2010—an increase of 1,286 percent.

Click here for the report: Residual Market Update.