State insurance regulators issue market intelligence data call
More than 400 property insurers received letters requesting data, which is due by June 6, 2024.
State insurance regulators are issuing a multistate data call in coordination with the National Association of Insurance Commissioners (NAIC) seeking to collect and analyze data on at least 80% of the U.S. property insurance market. The data will help state regulators to better understand the market at a state and local level, and will be kept confidential.
The Property & Casualty Market Intelligence Data Call (PCMI) aims to gather information from 2018-2022 from over 400 property insurers operating throughout the country. A letter was sent to companies on March 8th, 2024, and the data is due by June 6th, 2024. The PCMI data call was developed by state regulators under the coordination of NAIC’s Property and Casualty Insurance Committee.
Property insurance costs have been on the rise due to an increasing number of natural disasters, increasing reinsurance costs and inflation. This data will help to provide insights into costs and potential new coverage gaps, and the affordability and availability issues of homeowners’ insurance.
The data template asks insurers to submit ZIP code level data on over 70 total data points including premiums, policies, claims, losses, limits, deductibles, non-renewals and coverage types. While a state’s property insurance market may appear healthy on a statewide level, there can still be localized areas that have challenges getting insurance, which the ZIP code level data would help to address. Insurers will have 90 days to submit their data.
“We as state insurance regulators are the experts in our individual insurance markets. We are on the front lines every day helping consumers navigate interactions with insurance carriers, and we have the regulatory authority to make sure that insurers make good on their promises,” NAIC President and Connecticut Insurance Commissioner Andrew N. Mais said in a release. “That is why we are taking the lead in issuing this data call to collect critical information from the insurance sector.”
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