A national insurance industry group says North Carolina's coastal property insurance plan is "financially unprepared" for when the next big hurricane comes.

The Property Casualty Insurers Association of America released a
report Thursday performed by an outside actuarial analyst. Nancy
Watkins told a legislative committee that the plan would need an
additional $2.9 billion to pay for damages caused by a 100-year
storm.

The amount equates to roughly $700 for every taxpayer in the
state.

The plan can pass the costs on to insurance companies doing business inland. The association says companies are worried about
whether they can pay those assessments even if they pass on some of the costs on to policy holders.

The committee is supposed to make recommendations to the General
Assembly when it reconvenes in January.