In order to draw new carriers into South Carolina’s exposed coastal areas the Department of Insurance in coordination with the Wind and Hail Underwriting Association (Wind Pool) expanded coverage availability this year.
Moving these boundaries inland was for the express purpose of attracting new carriers into the market while preventing carriers already providing coverage from “shedding” their existing coverage indiscriminately.
To fulfill the Department’s promise to closely monitor the activities of carriers in the new zones, the Department of Insurance is now issuing a “data call” to all providers in the area.
This data to be recorded by the carriers and reported to the Department of Insurance on a quarterly basis will monitor the effects of the Wind Pool expansion on the number of policies issued with and without wind coverage.
The Department has made clear that no carrier will be allowed to abuse the process.The Wind Pool was established to be the market of last resort and should continue in that role.
To date, according to a SCDOI announcement, all indications show that the voluntary market remains strong, even in the newly expanded areas now covered by the Wind Pool.
Source: South Carolina Department of Insurance
Topics Data Driven
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