Florida’s $2 Trillion Exposure Exceeds All Other State Catastrophe Insurance Programs Combined According to U.S. Government Accountability Office Report
Jun 17, 2010
According to a comprehensive report on state catastrophe insurance programs released yesterday, June 16, 2010 by the United States Government Accountability Office (“GAO”), Florida’s total exposure of $2 trillion in its insurance and reinsurance programs far exceeds that of all other state programs combined.
To view the report, click here.
The GAO report reviewed state natural catastrophe insurance programs in Alabama, California, Florida, Louisiana, Mississippi, North Carolina, New Jersey, South Carolina and Texas. Most of the state programs in the review had grown since 2005. In particular, the insurance programs in Mississippi, Texas and Florida experienced the most growth in total exposure to loss since 2005, with increases of 495 percent, 147 percent and 146 percent, respectively.
Previous GAO reports on the federal government’s role in national catastrophe issues are listed below (click on the hyperlinks to access each report):
- Natural Disasters: Public Policy Options for Changing the Federal Role in Natural Catastrophe Insurance, GAO-08-7 (Washington, D.C.: Nov. 26, 2007).
- Natural Hazard Mitigation: Various Mitigation Efforts Exist, but Federal Efforts Do Not Provide a Comprehensive Strategic Framework, GAO-07-403 (Washington, D.C.: Aug. 22, 2007).
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