Insurance Market Status Reports

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https://dc.statelibrary.sc.gov/handle/10827/55018

The South Carolina Department of Insurance annually releases various Insurance Market Status Reports. These include the South Carolina Coastal Property Insurance Report, the South Carolina Commercial Liability Report, and the South Carolina Workers' Compensation Report. The SC Coastal Property Insurance Report relates to the status of the SC Wind and Hail Underwriting Association and examines the status of the SC coastal property insurance market. The SC Commercial Liability Report assesses the insurance industry's profitablility and participation in many areas of commercial liability insurance. The SC Workers' Compensation Report provides statistical information on the state of the workers' compensation market and addresses regulatory issues within the SC workers' compensation insurance system.

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2023 Status Report on the South Carolina Coastal Property Insurance Market
(2024-01-31) South Carolina Insurance Department
The General Assembly began requiring the South Carolina Department of Insurance to submit annual reports relating to the status of the South Carolina Wind and Hail Underwriting Association via the Omnibus Coastal Property Insurance Act of 2007. The statute requiring this annual report was subsequently expanded to include an overview of the coastal property insurance market via the Competitive Insurance Act of 2014. This report examines the status of the South Carolina coastal property insurance market through 2023.
Status report on the South Carolina commercial liability insurance market
(South Carolina State Library, 2024-01-05) South Carolina Department of Insurance
In February 2019, the South Carolina Department of Insurance (SCDOI) received a request from staff of the Senate Judiciary Committee (the Committee) for information on South Carolina’s liquor liability insurance market. In response, the SCDOI issued a mandatory data call to the insurance industry in accordance with S.C. Code of Laws Section 38-13-160. That data call was largely framed after those conducted previously by the Iowa Insurance Division and the Missouri Department of Insurance; it requested detailed information on coverage written and claims payments from 2016 to 2018. The SCDOI also contacted insurance agents and brokers to obtain anecdotal information to supplement the data obtained and issued a report on the findings later that year. In 2023, the Committee expanded its request for information to include additional sub-lines of the commercial liability marketplace. In response, the SCDOI issued an expanded mandatory data call in June 2023. This data call was designed by SCDOI staff with the goal of collecting data more commonly found in traditional actuarial analyses, including premiums, losses, defense and cost containment expenses, claim counts, and subrogation recoveries. As before, industry personnel were consulted for their observations.
2023 status report on the South Carolina workers' compensation insurance market
(2023-12-29) South Carolina Insurance Department
Workers’ compensation laws were enacted to benefit both injured workers and employers: workers receive partial - as well as prompt, predictable, and certain - compensation without regard to fault in exchange for relinquishing their right to sue their employers in tort for damages. The South Carolina Workers’ Compensation Commission reports that insurance companies provide 70% of South Carolina’s workers’ compensation coverage. The remaining coverage is provided through group self-insured funds (such as the State Accident Fund) and individual self-insured employers. Both types of self-insureds share many of the same costs and expenses as an insurance company. Insurance company rates are the focus of this report, but differences will be noted, as appropriate.
2022 status report on the South Carolina workers' compensation insurance market
(South Carolina State Library, 2022-12-30) South Carolina Insurance Department
Workers’ compensation laws were enacted to benefit both injured workers and employers: workers receive partial - as well as prompt, predictable, and certain - compensation without regard to fault in exchange for relinquishing their right to sue their employers in tort for damages. The South Carolina Workers’ Compensation Commission reports that insurance companies provide 70% of South Carolina’s workers’ compensation coverage. The remaining coverage is provided through group self-insured funds (such as the State Accident Fund) and individual self-insured employers. Both types of self-insureds share many of the same costs and expenses as an insurance company. Insurance company rates are the focus of this report, but differences will be noted, as appropriate.
2022 status report on the South Carolina coastal property insurance market
(South Carolina State Library, 2023-01-31) South Carolina Insurance Department
The General Assembly began requiring the South Carolina Department of Insurance to submit annual reports relating to the status of the South Carolina Wind and Hail Underwriting Association via the Omnibus Coastal Property Insurance Act of 2007. The statute requiring this annual report was subsequently expanded to include an overview of the coastal property insurance market via the Competitive Insurance Act of 2014. This report examines the status of the South Carolina coastal property insurance market through 2022.
2021 status report on the South Carolina coastal property insurance market
(South Carolina State Library, 2022-01-31) South Carolina Insurance Department
The General Assembly began requiring the South Carolina Department of Insurance to submit annual reports relating to the status of the South Carolina Wind and Hail Underwriting Association via the Omnibus Coastal Property Insurance Act of 2007. The statute requiring this annual report was subsequently expanded to include an overview of the coastal property insurance market via the Competitive Insurance Act of 2014. This report examines the status of the South Carolina coastal property insurance market through 2021.
2020 Status Report on the South Carolina Workers' Compensation Insurance Market
(South Carolina State Library, 2020-12-17) South Carolina Department of Insurance
Workers’ compensation laws were enacted to benefit both injured workers and employers: workers receive partial - as well as prompt, predictable, and certain - compensation without regard to fault in exchange for relinquishing their right to sue their employers in tort for damages. The South Carolina Workers’ Compensation Commission reports that insurance companies provide 70% of South Carolina’s workers’ compensation coverage. The remaining coverage is provided through group self-insured funds (such as the State Accident Fund) and individual self-insured employers. Both types of self-insureds share many of the same costs and expenses as an insurance company. Insurance company rates are the focus of this report, but differences will be noted, as appropriate.
STATUS OF THE SOUTH CAROLINA COASTAL PROPERTY INSURANCE MARKET : STATUS REPORT FOR 2016
(South Carolina State Library, 2017-01-31) South Carolina Department of Insurance
This report provides an outline of operations of the South Carolina Wind and Hail Underwriting Association as well as its book of business. It also presents the results of an annual South Carolina Department of Insurance data call and South Carolina Department of Insurance efforts to promote a healthy coastal property insurance market. Overviews of the South Carolina Department of Insurance’s responses to recent catastrophic events and the insurance impacts of these events are given as well. Additionally, there are brief discussions of catastrophe modeling, the National Flood Insurance Program, and earthquake insurance. Recommendations which the South Carolina Department of Insurance feels will continue to improve the market are included at the end of this report.
2017 Workers’ Compensation Insurance Coverage: The State of the South Carolina Market
(South Carolina State Library, 2017-12-18) South Carolina Department of Insurance
This report provides the following: An overview of the South Carolina workers' compensation insurance system, including an analysis of the availability and affordability of workers' compensation insurance coverage in South Carolina; Regulatory issues and trends in the South Carolina workers' compensation insurance market; A summary of the impact of the changes to regulation of the loss cost multiplier on workers' compensation insurance rates; and Recent Legislation.

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