South Carolina Republican Gov. Mark Sanford's announcement of his administration's approach to solving the insurance shortage for coastal properties has drawn support from an insurers' trade group.
Mr. Sanford said he was taking a market-oriented approach and it is important to "avoid knee-jerk reactions like what we have seen in Florida and problems that come with that."
Florida has offered primary insurers below-cost reinsurance and mandated that they reduce rates to reflect this. Insurers say if there is a major catastrophe, taxpayers will be stuck because the program is insufficiently funded.
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