Total exposure in the residual property marketÃ‚ hit a new peak in 2011 at $884.7 billion, according to the Insurance Information Institute’s (I.I.I.) latest report on the topic.
The still burgeoning growth of the market comesÃ‚ despite attempts by certain states to reduce the size of their residual market plans, the I.I.I. says:
Despite attempts by certain states to reduce the size of their plans, the fact of the matter is that this market of last resort remains the market of first choice for many vulnerable, high risk coastal properties.”
The following chart documents the explosive growth in exposure value from 1990-2011 (Source: PIPSO):