Why we live in the Low-Country, Storm Stats - Presented by Andy Twisdale
This slide share was presented by Andy Twisdale a REALTOR on Hilton Head Island at our board meeting. Contact: Andy Twisdale REALTOR
Charter One Real Estate
81 Main Street Suite 202
Hilton Head Island, SC 29926
Published on: Mar 4, 2016
Transcripts - Why we live in the Low-Country, Storm Stats - Presented by Andy Twisdale
Here are the facts From 1891 to 2009 there have been 54 major hurricane strikes on the east coast of the U.S. Of that total only nine major hurricanes hit the protected Georgia and South Carolina coast. Of these nine, six major hurricanes hit South Carolina. During that 120 year period Beaufort County had only eight total hurricane strikes. And only one of them was a major Class 3 hurricane….Hurricane Gracie in 1960. Beaufort County’s most damaging storm was The Great Sea Island Hurricane of 1893. However, it had been downgraded to a category 2 or 1 by the time it hit the county. *Source- National Hurricane Center 2010
What is our hurricane risk rating?The NHC gives its risk ratings in the form of aprojected number of years . And this rating isbased on the number of hurricane strikes thathave hit Beaufort County, and South Carolina,over the last 100 years. *Source- National Hurricane Center 2010
South Carolina Property/Casualty Direct Premiums Written ($000) 2011 6,728,444 2010 6,515,790 2009 6,522,233 2008 6,706,111 2007 6,841,951 Source: Russ Dubisky SC Insurance New Service
Direct Losses Incurred ($000)2011 4,375,5252010 3,690,0112009 3,459,9732008 3,496,3332007 3,325,582 Source: Russ Dubisky SC Insurance New Service
Recommendation: Ask the legislature to rescind the Property and Casualty Personal Line Modernization Act of 2004 for the next session.
Request that the Commissioner set specific goals as to how he or she will reduce the state’s homeowner premiums to be more in line with the medium of all coastal states.
The Senate’s Banking and Insurance Committee shouldannually review a report from D.O.I. that compares ourstate performance on three basic areas:1) How S.C. homeowner rates compare to other states.2) How the insurance industry ranks us in giving them areturn on net worth (this is a report which the insuranceindustry reports).3) A report on the “customer satisfaction” of theconsumers who contact both the D.O.I. and theirinsurance company.
The Senate Banking and Insurance Committee met for the third time this week to consider the appointment of Ray Farmer as Director of the Department of Insurance.
Farmer addressed the committee extensively before appointment.Much of the discussion centered on coastal property insurance rates and hurricane risk.Mr. Farmer indicated that the coastal property insurance and long term care insurance were the top two issues for him as Director.His confirmation now moves to the Senate floor for consideration.
Chairman Hayes has appointed a Coastal Insurance Subcommittee.To address the questions raised during the hearing.Chaired by Senator Luke Rankin. Senator Tom Davis will serve on this subcommittee.
As an aside, Senator Rankin introduced S.350 to provide a screening committee for future DOI appointments prior to coming before the Senate for consent. The bill was referred to the Senate Banking and Insurance Committee
If we could improve FALL TOURISM in four years… Fall as % Increase in Increase in of Summer Direct Tourism Total Expenditures Economic (000) Impact (ooo)Charleston 65 - 85 % $440, 558. $642, 682.Beaufort 35 - 75 % $386, 752. $680, 684.County $827, $1, 323. 310.
Subject: Storm of Money How insurance companies rigs the systemBelow is a link to today’s article in the Charleston News & Courier by Tony Bartelme on the insurance industry.http://www.postandcourier.com/article/20121202/PC16/121209871/1165/storm-of-money-insider-tells-how-some-insurance-companies-rig-the-system