M&A’s Mark Brannon recently spoke at a Consumer Homeowner’s Insurance Policy Review Workshop and Public Input Session in Myrtle Beach, SC, sponsored by the South Carolina Department of Insurance. Mark provided additional comment to a local TV station in Myrtle Beach.
From WMBF-TV in Myrtle Beach:
“HORRY COUNTY, SC (WMBF) Homeowners are seeing their home insurance rates skyrocket along the Grand Strand. Experts recently answered questions at the Myrtle Beach Convention Center about why those rates are climbing.
Chuck Jones said his insurance is putting a pinch on his pocketbook. Jones explains, “It seems like they go up a little bit every year. I think over the past eight years I’ve lived here it’s gone up 30-40 percent.”
Consulting Actuary Mark Brannon said people could be paying more for several reasons. Brannon states, “The more common types of losses, non-catastrophe losses such as fires, theft, liability claims and water damage. Those costs have increased in South Carolina about 60 percent just in the last four years.”