The Georgia Department of Insurance is ordering all insurers operating in the state to report claims information related to Hurricane Matthew. The storm, which began its path through Georgia starting Oct. 7, is estimated to have caused about $90 million in damage in the state.
“In addition to the significant and tragic impact on lives and property of Georgians, Hurricane Matthew represents a significant insurance event. As commissioner it is my responsibility to gather information so as to adequately assess the impact to our insurance market,” Insurance and Fire Safety Fire Commissioner Ralph T. Hudgens said in a Nov. 1 bulletin.
To that end, GADOI said all insurers covering property risks are required to provide the following information for all claims that relate to losses that are deemed to have arisen from Hurricane Matthew:
- Total number of claims reported
- Total number of open claims
- Total number of closed claims
- Total amount of claim paid
- Total amount of incurred losses
GADOI said the initial report of this information is due no later than 12 p.m. on Friday, Nov. 4, 2016. In addition, each insurer will need to provide updated reports of the requested information once a week starting Friday, Nov. 11, 2016, and continuing until Friday, Jan. 20, 2017 for a total of 12 weekly reports.
All data submissions shall be collected electronically via the Department’s company portal.
This informational request is authorized by O.C.G.A. § 33-2-11, and all responses to the request are confidential pursuant to O.C.G.A. § 33-2-14(g).
Source: Georgia Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.