77.2%

In most hurricane-prone states, homeowners have few choices for insurance coverage, with just eight property and casualty insurers in each state controlling up to 77.2 percent of the market share, according to Weiss Ratings. Weiss identified Florida, Louisiana, North Carolina, South Carolina and Texas as the most hurricane prone states, based on the number of hurricane strikes recorded between 1851 and 2004, according to the National Hurricane Center. The rankings are: Florida (110); Texas (59); Louisiana (49); North Carolina (46); and South Carolina (31). In Texas, eight carriers commanded 77.2 percent of the homeowners insurance market at the end of 2009. In South Carolina, they held 68.2 percent of the market; in Louisiana, 63.3 percent; in North Carolina, 61.1 percent; and in Florida, 38.4 percent. While Florida has seen new entrants into the market, the financial strength of many of the new entrants is questionable, according to Weiss.

Topics Texas Florida Louisiana Hurricane North Carolina