Presentation on theme: "From 1891 to 2009 54 major hurricane strikes on the east coast of the U.S. Nine major hurricanes hit GA/SC protected coast Of these nine, six major."— Presentation transcript:
From 1891 to major hurricane strikes on the east coast of the U.S. Nine major hurricanes hit GA/SC protected coast Of these nine, six major hurricanes hit SC 120 year period for Beaufort County Only eight total hurricane strikes One major Class 3 - Hurricane Gracie in 1960 Beaufort Countys most damaging storm The Great Sea Island Hurricane of 1893 Downgraded to a category 2 or 1 by the time it hit the county
The NHC gives its risk ratings in the form of a projected number of years. This rating is based on the number of hurricane strikes that have hit Beaufort County, and South Carolina, over the last 100 years.
Chairman Hayes has appointed a Coastal Insurance Subcommittee to address the questions raised during the hearing. Chaired by Senator Luke Rankin. Senator Tom Davis will serve on this subcommittee.
Fall as % of Summer Increase in Direct Tourism Expenditures (000) Increase in Total Economic Impact (000) Charlest on % $440,558.$642,68 2. Beaufort County % $386,752.$680,68 4. $827,310.$1,323.
Storm of Money How insurance companies rigs the system by Tony Bartelme with the Charleston Post & Courrier. It was just annouced that Tony Barleme was a Pulitzer finalist for these series of articles. They are stored on his blog at Thank you Tony
Wall Street Journal report. In high-risk hurricane zones, insurance brokers say wind coverage (which may not come with basic insurance but instead is sold as a separate policy Complicating matters, a homes location could make it ineligible for certain types of coverage. experts say some insurers wont provide wind coverage in risky markets, such as Palm Beach FL, and Hilton Head, SC.
To require SC DOI to hold bi-annual public hearings on property insurance across the state.
S.569 and H.3903 are identical companion bills. Both are linked below /bills/569.htm 2014/bills/3903.htm 2014/bills/569.htm 2014/bills/3903.htm 2014/bills/569.htm 2014/bills/3903.htm
Availability of insurance has increased Concern over strengthening the states coastal insurance market by: Increasing competition Increasing affordability Legislation has been introduced by Senator Tom Davis (Beaufort) that would enhance and build on the 2007 legislation.
Incentivize insurers to participate in the coastal market Additional 25% tax credit on premium tax Insurers coastal market share must equal 80% of the insurers state market share
Incentivize citizens to better prepare their homes for storms by participating in the SC Safe Home program. Funding for mitigation programs will be increased by an additional 1% of premium taxes admitted and non- admitted insurance companies.
Require insurers to provide their policy holders a recap of coverage provided Summary of discounts that they might be able to use, replacement cost of home, options to increase deductible, etc. Additional information to help consumers will be added to the DOI website. Additional premium comparisons Mitigation discounts List of insurance companies by line of business Info on catastrophe savings accounts.
Director of Insurance must hold an annual public hearing on the coast Prepare an annual report for the SC General Assembly Initiate a multimedia campaign to raise awareness of steps home owners can do to mitigate storm damage and lower insurance premiums.
Builds on the 2007 market-oriented legislation. Designed to help the 2007 legislation reach its full potential – many competitors, affordable insurance, and a more storm-resistant coast. Increases the knowledge base of consumers by showing them how they can make their homes more storm resistant, and how they can be more informed insurance buyers. Strengthens the market-oriented approach to coastal insurance, and rejects the use of massive state government intervention that has proved so unsuccessful in other states.
The South Carolina Department of Insurance will hold a public hearing in accordance with the requirements of Section (7),Thursday, May 9, 2013, 5:30-7:30 p.m. at Buyer Auditorium, 2nd floor of Mark Clark Hall. Mark Clark Hall is located on the campus of The Citadel, The Military College of South Carolina which is located at 171 Moultrie Street, Charleston, SC The purpose of this hearing is to provide an opportunity to discuss and offer input concerning the status of the coastal property insurance market in South Carolina. The telephone number for general information for The Citadel, The Military College of South Carolina is For questions concerning the hearing, please contact the SC Department of Insurance
National Hurricane Center National Hurricane Center National Hurricane Center National Association of Insurance Commissioners – Russ Dubisky, SC Insurance New Service 10. Russ Dubisky, SC Insurance New Service Wall Street Journal, February 15, Annamaria Androitis: Protecting Your Home from Earth, Wind & Fire 16..