South Carolina DOI Extends Wind Power for Up to 2 Years

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The director of South Carolina’s insurance department has extended the life of the state’s wind turbine association for another two years.

In a bulletin issued last week, Executive Director Michael Wise reiterated the expansion of the territory, as authorized by the law. The South Carolina Hail and Wind Underwriting Association, commonly referred to as the Wind Pool, is comprised of several insurance companies and was established by the South Carolina legislature in 1971. It provides insurance to counties Beaches that property owners cannot get on the free market.

In 2007, the Department of Insurance expanded the pool area to include parts of Charleston, Georgetown and Horry counties, the DOI said in the bulletin. The extended order has been extended every two years since then.

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Wise’s newsletter explained that, over the past 16 years, Wind Pool has helped stabilize the market, which has led to more volunteering, especially for commercial property. Since 2011, the number of policies in the Wind Pool has dropped by 70%.

But the DOI sees the need for the program to continue on more coasts.

“While South Carolina’s property insurance market is stable, and issues surrounding the possibility of reinsurance have improved, there is evidence that property insurers remain concerned about in their exposure to stressors,” the addition of the order read.

Insurers continue to try to limit losses in some areas, which may make it difficult for consumers to obtain insurance, the DOI said. If the expansion is not renewed, the coastal market may suffer greatly.

The extension will continue until March 28, 2025.

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