VT | The Vermont Department of Financial Regulation is actively participating in nation-wide efforts to collect and analyze insurance claim information that will provide important insights into property insurance market costs, coverages and protection gaps. The Department recognizes the critical importance of market intelligence at a time when consumers, insurance regulators and industry face the increasing frequency and severity of natural disasters.
State insurance regulators working through the National Association of Insurance Commissioners (NAIC) in March issued the Property & Casualty Market Intelligence Data Call (PCMI), and data collection is ongoing through June 6, 2024. The NAIC is a standard-setting and regulatory support organization comprised of the chief insurance regulators of the U.S. states, the District of Columbia, and five U.S. territories. A data call requires insurers to report certain information to regulators. The PCMI data call will collect information regarding homeowners’ insurance at a state and zip code level. A steering committee of state insurance regulators will help the NAIC review the data and determine the national-level analysis to be shared with the public. The NAIC anticipates releasing insights in the second half of 2024. NAIC Members also have agreed to share an anonymized subset of the data collected with the U.S. Department of the Treasury’s Federal Insurance Office (FIO).