NAIC issues call for data to assess scale of virus BI exposure
Insurance regulators in all 50 US states will submit data on insurers’ Covid-19 business interruption (BI) exposures to the National Association of Insurance Commissioners (NAIC), following its call for information from both admitted and non-admitted domestic insurers.
Foreign insurers and reinsurers are excluded.
The NAIC said the data call will reveal the extent of exclusions in BI policies related to Covid-19, which have drawn controversy and attention in US politics and fuelled legal claims from disgruntled policyholders. The data will also confirm insurers writing coverage, the size of the market, and claims and losses from the pandemic.
The data call will be broken down into two parts, with companies first required to provide data on BI premium and exposure by 22 May. Part two will ask US insurers for data on BI claims and losses on a monthly basis, beginning on 8 June.