South Carolina DOI Issues Data Call on Why Liquor, Cyber Liability Costs Are Soaring

Two Southeastern insurance regulators have posted new information about liability insurance data and catastrophe claims reporting.

The Florida Office of Insurance Regulation last week posted the 2023 catastrophe reporting form, which insurers will need to use to report claims and other data after hurricanes this year. All insurers are required by state law to report the information after disasters.

The form can be seen here and further information about completing the form can be found here, on the OIR website.

In South Carolina, lawmakers this year charged the Department of Insurance with figuring out why liability insurance costs have spiked for some businesses and availability has tightened in the state. The DOI must also compare the South Carolina market with other Southeastern states and make recommendations to the legislature.

To comply with that mandate, the DOI has issued a data call and is asking all licensed property and casualty insurers in the state to complete a spreadsheet. The Excel sheet, available here, asks about policy counts, exposure, defense costs and other information for liquor liability, cyber policies, foster home liability, commercial auto and other commercial liability.

The completed spreadsheets should be submitted by email to Pcmail@doi.sc.gov no later than July 3, the department said in a bulletin. If a company has multiple insurers within a holding company group, it will not be necessary to complete an Excel spreadsheet for each insurer. Instead, the holding company should aggregate the information into one spreadsheet, the agency noted.

Some bars and restaurants in South Carolina have been forced to close in recent years because of sharply rising liability premiums, and many have blamed a 2017 law that requires establishments to maintain at least $1 million of liability coverage, according to news reports. Insurers also have found that the cost of claims has far outpaced premiums paid, which has led to higher rates and less competition.

Topics Cyber South Carolina