Fact file: South Carolina hurricane insurance

June 2020

  • South Carolina was impacted by three of the ten costliest hurricanes based on insured damage: Hurricane Michael in 2018, Hurricane Irma in 2017 and Hurricane Charley in 2004.
  • Between 37,000 and 359,000 single-family homes are at risk of damage from storm surge in South Carolina, according to CoreLogic. In terms of reconstruction costs, storm surge damage ranges from $10.3 billion to $85.0 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from a Category 1 to a Category 4 hurricane.
  • About 2.1 million people were living in coastal areas of South Carolina in 2015, according to the U.S. Census Bureau (a 7 percent increase from 2010).
  • South Carolina had 206,826 flood insurance policies in force in 2018, according to the National Flood Insurance Program. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program and an increasing number of private insurers.
  • The South Carolina Wind and Hail Underwriting Association (SCWHUA), known as the Beach Plan or Wind Pool, is the market of last resort that provides wind and hail coverage to residential and commercial property owners in the coastal area of the state.
  • As of fiscal year 2019, the South Carolina Beach Plan had a total of 19,720 policies in force, down from 29,833 policies in force at the end of fiscal year 2016. The plan had an exposure of $5.8 billion in fiscal year 2019 down from $9.7 billion in 2016.

Top 10 Writers Of Commercial Insurance In South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $236,869 5.7%
2 Liberty Mutual 227,152 5.4
3 Chubb 180,422 4.3
4 Zurich 171,261 4.1
5 Hartford Financial Services 149,647 3.6
6 Berkshire Hathaway Inc. 149,302 3.6
7 American International Group (AIG) 136,337 3.3
8 Auto-Owners Insurance Co. 123,832 3.0
9 Nationwide Mutual Group 117,757 2.8
10 CNA 106,204 2.5

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Homeowners Insurance In South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $370,908 20.0%
2 Allstate Corp. 181,495 9.8
3 USAA Insurance Group 170,415 9.2
4 Travelers Companies Inc. 108,663 5.9
5 Nationwide Mutual Group 81,141 4.4
6 Liberty Mutual 80,320 4.3
7 South Carolina Farm Bureau Federation 64,553 3.5
8 Auto-Owners Insurance Co. 53,673 2.9
9 UPC Insurance 49,717 2.7
10 Farmers Insurance Group 48,183 2.6

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Private Passenger Auto Insurance In South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm   $959,582 21.2%
2 Berkshire Hathaway Inc.   633,024 14.0
3 Progressive   556,502 12.3
4 Allstate Corp.   520,177 11.5
5 USAA   442,544 9.8
6 Nationwide   219,800 4.9
7 Travelers   213,434 4.7
8 Liberty Mutual   208,172 4.6
9 Southern Farm Bureau Casualty   136,682 3.0
10 Auto-Owners Insurance   99,342 2.2

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Costliest Hurricanes In The United States (1)

($ millions)

        Estimated insured loss
Rank Date Location Hurricane Dollars when occurred In 2019 dollars (2)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $52,828
2 Sep. 19-22, 2017 PR, USVI Hurrican Maria (3) 25,000-30,000 26,100-31,300
3 Sep. 6-12, 2017 AL, FL, GA, NC, PR, SC, UV Hurricane Irma (3) 25,000-30,000 26,100-31,300
4 Aug. 25-Sep. 1, 2017 AL, LA, MS, NC, TN, TX Hurricane Harvey (3) 18,000-20,000 18,800-20,800
5 Oct. 28-31, 2012 CT, DC, DE, MA, MD, ME, NC, NH,
NJ, NY, OH, PA, RI, VA, VT, WV
Hurricane Sandy 18,750 21,065
6 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 25,867
7 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 20,861
8 Oct. 10-12, 2018 AL, FL, GA, MD, NC, SC, VA Hurricane Michael (3) 9,000-12,000 9,200-12,200
9 Oct. 24, 2005 FL Hurricane Wilma 10,300 13,239
10 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,906

(1) Property losses only. Excludes flood damage covered by the federally administered National Flood Insurance Program. Ranked on dollars when occurred. As of September 30, 2020.
(2) Adjusted for inflation through 2019 by the Insurance Information Institute using the GDP implicit price deflator.
(3) Insurance Information Institute estimate based on data from catastrophe risk modelers, reinsurance companies, the Property Claims Services unit of Verisk Analytics, the Federal Emergency Management Agency of the U.S. Department of Homeland Security, and the Florida Office of Insurance Regulation. These estimates are preliminary because the organizations involved periodically resurvey the events, and the severity of losses and other factors create a high level of uncertainty surrounding the ultimate loss figures.

Source: Insurance Information Institute, catastrophe risk modelers, reinsurance companies, U.S. Department of Homeland Security, the Florida Office of Insurance Regulation, the Property Claim Services® (PCS®) unit of ISO®, a Verisk Analytics® company, and the U.S. Bureau of Economic Analysis.

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Storm Surge Risk By State By Number Of Single-Family Homes and Reconstruction Value, 2020 (1)

 

    Number of single-family homes at risk by storm category (2)
Rank State Category 1 Category 2 Category 3 Category 4 Category 5
1 Florida 353,994 1,088,511 1,806,312 2,362,323 2,851,642
2 Louisiana 72,883 212,707 640,307 770,030 843,349
3 Texas 41,398 122,453 264,103 399,741 563,024
4 New Jersey 95,473 277,147 381,388 471,323 471,323 (3)
5 New York 76,805 228,069 351,937 467,787 467,787 (3)
6 Virginia 23,232 89,347 243,707 366,117 410,277
7 South Carolina 37,107 132,728 219,420 308,387 363,875
8 North Carolina 33,254 97,694 165,266 216,446 267,802
9 Georgia 9,378 54,470 113,068 152,882 164,504
10 Massachusetts 8,102 42,832 97,083 151,979 151,979 (3)
11 Maryland 16,091 59,214 98,757 126,589 126,589 (3)
12 Mississippi 5,740 25,385 56,768 90,023 102,596
13 Pennsylvania 847 21,378 58,921 85,794 85,794 (3)
14 Connecticut 6,708 27,921 46,186 67,433 67,433 (3)
15 Delaware 10,855 31,057 49,103 67,055 67,055 (3)
16 Alabama 5,203 15,841 27,769 40,287 51,929
17 Rhode Island 1,396 7,979 17,345 26,336 26,336 (3)
18 Maine 5,657 7,912 11,969 18,149 18,149 (3)
19 New Hampshire 193 4,069 7,074 9,336 9,336 (3)
  Total homes
potentially affected
804,316 2,546,714 4,656,483 6,198,017 7,110,779
    Reconstruction cost value of single-family homes at risk (2), (4) ($ millions)
Rank State Category 1 Category 2 Category 3 Category 4 Category 5
1 Florida $71,707.9 $224,088.9 $372,234.3 $483,618.4 $580,606.2
2 Louisiana 15,887.7 47,717.2 152,745.6 184,008.0 202,330.0
3 New York 30,410.9 95,248.1 146,867.2 196,107.2 196,107.2 (3)
4 New Jersey 27,523.2 84,974.9 119,707.6 150,599.6 150,599.5 (3)
5 Texas 7,467.3 22,579.6 51,408.9 81,181.5 113,419.1
6 Virginia 5,962.5 22,598.0 57,844.1 86,624.2 98,314.8
7 South Carolina 10,447.7 35,063.9 55,589.2 75,121.4 86,468.7
8 North Carolina 7,178.2 21,277.7 36,350.3 47,968.2 59,542.6
9 Massachusetts 2,306.8 12,658.0 29,179.0 47,309.5 47,309.5 (3)
10 Georgia 2,869.0 14,504.6 26,994.0 35,215.7 37,416.2
11 Maryland 3,878.3 14,151.3 23,657.9 30,518.8 30,518.8 (3)
12 Connecticut 2,344.5 9,635.7 15,669.6 22,538.4 22,538.4 (3)
13 Pennsylvania 193.8 5,120.6 14,596.0 21,349.8 21,349.8 (3)
14 Mississippi 1,175.2 5,247.4 11,573.3 18,024.1 20,467.4
15 Delaware 3,082.8 8,693.8 13,892.8 18,943.9 18,943.9 (3)
16 Alabama 965.3 2,972.1 5,112.2 7,360.8 9,449.8
17 Rhode Island 350.2 2,339.3 5,080.9 7,761.3 7,761.3 (3)
18 Maine 1,314.9 1,892.6 2,949.9 4,589.9 4,589.8 (3)
19 New Hampshire 35.2 713.9 1,434.1 2,038.9 2,038.9 (3)
  Total homes
potentially affected
$195,101.5 $631,477.6 $1,142,886.9 $1,520,879.6 $1,709,772.1

(1) The risk categories are cumulative and increase in value from Category 1 to Category 5. Category 1 represents the higher risk of damage from a weak hurricane; Category 5 includes Categories 1 to 4 and the low risk of damage from a Category 5 hurricane.
(2) Measured in units.
(3) Storm surge risk for Category 5 storms for homes on the northeastern Atlantic Coast is not shown due to the extremely low probability of a Category 5 storm affecting these areas.
(4) Represents the cost to completely rebuild including labor and materials by geographic location.

Source: CoreLogic®, a property data and analytics company.

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Other Resources

I.I.I. Facts & Stats: Flood Insurance

I.I.I. Facts & Stats: Hurricanes

I.I.I. Issues Updates: Catastrophes

I.I.I. Issues Updates: Hurricane and Windstorm Deductibles

 

South Carolina Wind and Underwriting Association Website

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