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Re Catastrophe Crunch Keeps Pressure On Primary Market

Stiff price hikes for peak exposure zones leave primary carriers scrambling for

By Steven Tuckey | Updated on September 03, 2006

In Florida’s Monroe County, regulators turned down a request by Citizens Property Insurance Corp. to raise rates by nearly a third. In response, opponents of the hike and Key West city officials held a parade to mark the occasion. Thus, in certain areas of the country, interest in the reinsurance capacity crunch has gone beyond the usual civic and business realm to encompass marching bands and celebrations in the street.

But Key Westers might have held off on the festivities if they understood the nature of the capacity crisis in their state, where reinsurers have been leaving and Florida is doing its best to pick up the pieces.

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