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Industry Private Flood Data Call
Private Flood Insurance Data Call

2020 Key Dates
April 15, 2020 Letter sent to companies
August 15, 2020 2018 AND 2019 Data Due from companies

 

Purpose and Definitions

Insurance regulators in 50 states and the District of Columbia agreed to participate in a data call to collect data related to private flood insurance. The intent of the data call is to provide state regulators with information regarding the size of the private market for flood insurance, particularly as it relates to residential coverage. The size of the private market is of interest due to constraints in federal coverage such as pricing and limits of coverage offered through the National Flood Insurance Program (NFIP), and in order for state regulators, FEMA and the public to understand the growth of the private flood insurance market.

The information contained in each submission was considered non-confidential. The data call was split into two parts, in order to collect private flood insurance data for the data years 2018 and 2019. Subsequently, private flood insurance data will be collected through the NAIC Financial Annual Statement beginning in 2021 with 2020 data. The data obtained through the data call and subsequently collected through the NAIC Financial Annual Statement will be made available to the public.

Data definitions can be found here: Private Flood Data Definitions

For questions regarding the content of the data call please send an e-mail to flooddata@naic.org.

CALCULATIONS INCLUDED IN ANALYSIS

1.      Count of insurers offering coverage by state for each covered loss type (residential, commercial), policy type (standalone, endorsement), and coverage type (first dollar, excess)

2.      Total premiums by state and covered loss type/policy type/coverage type = Direct Premium Written and Earned

3.      Average Premium = Direct Premium Written/Number of policies In Force End of Current Year

4.      Average Incurred Loss = Direct Losses Incurred/(Number of Claims Closed with Payment + Number of Claims Open End of Current Year)

5.      Loss Ratio by State and Coverage Type = (Direct Losses Incurred + Defense and Cost Containment Incurred)/Direct Premium Earned

6.      Loss Ratio by State and Coverage Type = (Direct Losses Paid + Defense and Cost Containment Paid)/Direct Premium Written

7.      Policy growth = Count of policies in force beginning and end of year by State and Coverage Type

8.      Loss Severity = (Losses Paid + DCC Paid)/Number of Policies in Force End of Current Year

9.     Loss Frequency = Number of Claims Closed with Payment/Number of Policies in Force End of Current Year

10.  Claim Frequency = (Number of Claims Open End of Current Year + Number of Claims Opened during the Reporting Year – Number of Claims Open Beginning of Current Year)/Number of Policies in Force End of Current Year

 

 

 

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