This PowerPoint presentation by the Insurance Information Institute’s president and chief economist to South Carolina media provides a detailed analysis of the state’s exposure to hurricanes and the challenges this vulnerability represents. The presentation begins by acknowledging property owners’ concerns over rising premiums and restricted availability in coastal areas and continues with a review of recent catastrophic loss activity. South Carolina’s residential and commercial insured loss exposure is reviewed as are the implications of rapid population growth in the state’s coastal counties. Following a discussion of projections for the upcoming 2007 hurricane season, the presentation reviews the current debate regarding the appropriate role of government in insurance markets. The presentation concludes with an analysis of insurer profitability trends in South Carolina and nationally. The average rate of return for homeowners insurers in South Carolina over the period from 1985 through 2005 is minus 15.4 percent.
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