The Task Force that worked on this issue had the idea that reform would benefit the consumer and companies alike. However, the priorities in Columbia really need to be put into perspective. South Carolina does not have a workers comp \”crisis\”. I have not had problems placing workers comp coverage and we do have a competitive environment for this type of coverage. What SC does have is a \”coastal property market crisis\”. Several companies as well as E&S markets have already retreated from all 1st and certain 2nd tier counties, and complicated by re-insurers doubling re-insurance treaty premiums since January 1st.The problem has been ongoing for over five years but has now reached critical mass due to certain resistance in creating a viable pro-active hurricane plan. There is no competition and the consumer is going to certainly suffer with higher premiums and W&H deductibles. The efforts of PCI and AIA would be best suited in assisting us resolve this problem before the bottom falls out July 1st when the next round of reinsurance treaties are scheduled to renew; instead of expanding our current archaic residual wind market! Unfortunately, the powers that be apparently have no idea what we agents and consumers are faced with along the South Carolina coast.
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The Task Force that worked on this issue had the idea that reform would benefit the consumer and companies alike. However, the priorities in Columbia really need to be put into perspective. South Carolina does not have a workers comp \”crisis\”. I have not had problems placing workers comp coverage and we do have a competitive environment for this type of coverage. What SC does have is a \”coastal property market crisis\”. Several companies as well as E&S markets have already retreated from all 1st and certain 2nd tier counties, and complicated by re-insurers doubling re-insurance treaty premiums since January 1st.The problem has been ongoing for over five years but has now reached critical mass due to certain resistance in creating a viable pro-active hurricane plan. There is no competition and the consumer is going to certainly suffer with higher premiums and W&H deductibles. The efforts of PCI and AIA would be best suited in assisting us resolve this problem before the bottom falls out July 1st when the next round of reinsurance treaties are scheduled to renew; instead of expanding our current archaic residual wind market! Unfortunately, the powers that be apparently have no idea what we agents and consumers are faced with along the South Carolina coast.