Beginnings of the Wind Pool Expansion
In 2007, the Department of Insurance in coordination with the Wind and Hail Underwriting Association ("Wind Pool") expanded the areas in which Wind Pool coverage was available. Moving these boundaries inland was for the express purpose of attracting new carriers into the market while preventing carriers already providing coverage from "shedding" their existing coverage indiscriminately.
To fulfill the Department’s promise to closely monitor the activities of carriers in the new zones, the Department of Insurance is now issuing a "data call" to all providers in the area. This data to be recorded by the carriers and reported to the Department of Insurance on a quarterly basis will monitor the effects of the Wind Pool expansion on the number of policies issued with and without wind coverage.
On October 8, 2007, the South Carolina Department of Insurance issued the Data Call Request for Policy Information on Risks Written in the South Carolina Wind Pool Territory. To reiterate, this data call solicits information that will enable the department to determine the impact of the Wind Pool expansion on the South Carolina property insurance market. Specifically, the department is trying to determine how many policies are being written in the coastal areas of the state with and without wind coverage.