N.J. Regulators Requesting Updated Sandy Claims Data From Insurers

The New Jersey Department of Banking and Insurance recently announced a new data call request to the insurance industry to evaluate Superstorm Sandy-related claims and monitor market conditions for property/casualty insurance in the state.

The state’s Department of Banking and Insurance first began requesting Sandy claims data from insurers last November. On Nov. 14, 2012, the department issued Order No. A12-113 requiring property/casualty insurers to provide periodic reports of data on Sandy-related claims. This past June, the department advised P/C insurers that the need for them to submit such reports was being suspended but that further reports might be requested later this year.

And in its Bulletin 13-16 last Thursday, Sept. 26, the department resumed its request for Sandy-related claims data. The department announced that it is necessary to review the volume of claims on various types of coverage received through Sept. 15, 2013 by P/C insurer groups with a total of $5 million or more in written P/C insurance premiums in New Jersey. The department said this new data would be used to assess the extent to which damages caused by Sandy have affected the volume of claims submitted to such insurers.

Accordingly, all authorized and admitted P/C insurer groups with a total of $5 million or more in written P/C insurance premiums in New Jersey that had insurance policies in force on Oct. 1, 2012, are requested to provide claims information on a consolidated group basis.

Insurers would be required to submit data for claims reported as of Sept. 15, 2013. The filing deadline is Oct. 15, 2013. The department said insurer information supplied in accordance with the department’s request would be kept confidential to the extent allowed by applicable state law.

Source: New Jersey Department of Banking and Insurance

Topics Carriers Claims Data Driven New Jersey Property Casualty