Insurance regulators are collecting data to help determine losses related to COVID-19 and to guide future policy decisions.
All 50 states, the District of Columbia, and the U.S. territories have agreed to participate in a data call to collect data related to insurance and COVID-19.
The property & casualty insurance industry is facing numerous class-action lawsuits related to denials of coverage for business interruption. Insurers are treating the pandemic as an exclusion, while businesses claim they should be covered.
The National Association of Insurance Commissioners is coordinating the data call and facilitating the collection and aggregation.
"This data will assist state insurance regulators and others in understanding which insurers are writing applicable coverage, the size of the market, the extent of exclusions related to COVID-19, and claims and losses related to COVID-19," the NAIC said in a news release.
Data is being collected in two parts, each with a specific application: business interruption premium and exposure information is being collected from insurers by May 22; business interruption claims and losses data is due by June 8.
Letters are expected to be delivered to insurers by May 8, the NAIC said.
The data call does not admitted and non-admitted domestic insurers which could include surplus lines insurers if they are domiciled in a U.S. state or territory. Alien insurers are excluded from the call. The data call also does not apply to life or health insurers, monoline financial guaranty, mortgage guaranty, title, fidelity, non-medical professional liability insurers, and reinsurers.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected] Follow him on Twitter @INNJohnH.
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