NAIC Seeks Granular Data From Insurers to Help Fill Local Protection Gaps (The Triple-I Blog)

NAIC Seeks Granular Data From Insurers to Help Fill Local Protection Gaps

  Tuesday, September 12th, 2023 Source: The Triple-I Blog

Data is at the core of risk management, and the National Association of Insurance Commissioners (NAIC) is seeking to identify gaps in the data state regulators collect from insurers -- particularly with respect to understanding insurance availability and affordability.

‘The increasing frequency and severity of weather events, rising reinsurance costs, and inflationary pressures are making property insurance availability and affordability more challenging for a growing number of regions across the U.S.,’ the NAIC said in a statement during its Summer National Meeting in August.

‘These dynamics can vary within a relatively small geographic area, so while a state’s property insurance market may be generally healthy overall, there can be localized protection gaps that challenge certain communities.’

The NAIC said states may lack the kind of data needed to gauge the availability and affordability of insurance for consumers.

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