The Belk College’s Risk Management and Insurance (RMI) program hosted a residential property insurance symposium in May, bringing together students, faculty, regulators and industry professionals to discuss current problems and trends and identify potential solutions within the residential property insurance market. Speakers from North Carolina as well as Connecticut, Florida, Illinois, New York, Ohio, South Carolina and Virginia shared their expertise.
Speakers included Wayne Goodwin, N.C. Insurance Commissioner, and Ray Farmer, S.C. Director of Insurance, who provided their perspective as regulators and described the challenges of balancing the needs of the consumers and the industry.
The residential property market is in a state of turmoil and the problems and potential solutions are complex, according to Dr. David Marlett of Appalachian State University and Prof. Tom Marshall of UNC Charlotte, the symposium moderators. The repercussions of Superstorm Sandy, the recent catastrophic tornadoes, unprecedented hurricane activity and the Biggert Waters Flood Insurance Reform Act of 2012 are among the concerns creating market instability.
"The Symposium was an excellent forum for researchers, students and insurance experts to discuss the concerns regarding the availability and costs associated with coastal property insurance and the exposure risks involved,” Farmer said. “As director of insurance for the state of South Carolina, the coastal property insurance marketplace is among my top priorities. I welcomed the opportunity to attend and speak about South Carolina's property insurance marketplace at this important event."
More than 230 people attended the symposium, which provided learning and networking opportunities along with six hours of continuing education credit. Gamma Iota Sigma, the UNC Charlotte risk management & insurance student organization, coordinated the event.
“Attending the Property Symposium was a unique opportunity that enabled me to understand the current state of the residential property market and the key factors influencing property insurance availability and affordability,” said UNC Charlotte student Andy Perez.
“With financial support from 21 insurance carriers, managing general agencies and industry associations, the Symposium represented not only a valuable forum but also a significant investment in our insurance programs, and ultimately in the students who represent the future of the insurance industry,” Marshall added.
Funding for the Symposium was provided by: State Farm, Property Casualty Insurers Association of America (PCI), AAA Insurance, Universal Insurance Company, Nationwide, Travelers, Allstate, Ascension, Auto-Owners, Burns & Wilcox, Hartford, Hull & Company, Independent Insurance Agents of North Carolina (IIANC)- Education Foundation, Independent Insurance Agents and Brokers of South Carolina Foundation, Keystone Insurers Group, Johnson & Johnson, Allen Tate Insurance, Liberty Mutual, Lloyds, Paul Davis Restoration, Southern 1752 Club and the Professional Insurance Agents of N.C. (PIA).