WASHINGTON, Nov. 2, 2023 /PRNewswire/ — The National Association of Insurance Commissioners (NAIC) in August announced plans to issue a nationwide data call to help state insurance regulators better understand property markets, coverages, and protection gaps in light of increasing climate risks, reinsurance costs, and inflationary pressures. Work on the template for the ZIP-code-level data state insurance regulators will request from insurers is continuing under the direction of the Property and Casualty Insurance (C) Committee, chaired by Alan McClain, Commissioner of the Arkansas Insurance Department.
The NAIC has been engaged in ongoing discussions regarding the data call with members of the insurance industry and state insurance regulators, as well as the U.S. Department of the Treasury’s Federal Insurance Office (FIO).
While FIO has announced plans to proceed with its own call for a limited set of data, the NAIC and the state insurance regulators it represents are uniquely positioned to best understand the challenges that both consumers and the insurance industry face as natural perils persist across our nation.
State insurance regulators have been working to add granular data on availability and affordability of property coverage for consumers to the robust financial data on solvency and investments we already have. This is part of our long-term, robust data collection strategy to help regulators nimbly respond to inquiries related to their property markets.
The data template and related criteria have not been finalized, but the NAIC expects to ask property and casualty insurers representing a significant market share of homeowners’ insurance coverage to submit ZIP-code-level data across the U.S. on premiums, policies, claims, losses, limits, deductibles, nonrenewals, and coverage types.
SOURCE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
