Source: reuters.com

Tallahassee, Florida, Aug 1 - Florida insurance officials on Tuesday acknowledged approval to explore setting up another state-run insurance pool to defend coastal businesses opposite skyrocketing insurance rates or no coverage at all.

Rocked by overwhelming hurricane seasons, Florida businesses have found it increasingly hard to obtain affordable coverage. Nearly one in five business owner’s survey by the state said they cannot find property insurance at any cost.

"This is a crisis that is deepening in Florida and will certainly jeopardize the future economic development of our state," Kevin McCarty, head of the department of insurance rule, told Gov. Jeb Bush and top state officials.

Florida already has two such pools, or joint underwriting associations (JUAs), to defend homeowners and insurers.