Charleston Homeowner's Insurance : AllState... -
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Published on: 4/21/2006
Last Visited: 4/2/2008
Hana Williamson, an attorney with the South Carolina Department of Consumer Affairs, said the reduction was "great news" and she hoped other companies would follow.Still, she said, it's too early to tell if the new law is behind this or any other cuts to come.
"The data is not there to prove this," Williamson said."And the law is still being implemented.Some of the provisions don't start until next year."
Williamson said the reduction is because of a stock market turnaround more than anything else.For years, insurers have turned to the markets to make up through investment gains what they pay out in loss claims.With the stock market depressed since 2000, insurance companies haven't had that option.
"These things are cyclical," Williamson said.