Greetings from the great state of South Carolina! I hope everyone is doing well and staying safe.
As states and cities begin to reopen, COVID-19 continues to impact the insurance industry. We have a number of efforts underway, some of which are detailed below. Additionally, with the hurricane season just around the corner, many of us are focusing on educating our citizens about the importance of taking steps now to be prepared and to mitigate their risks.
COVID-19 Business Interruption Data Call
The COVID-19 business interruption data call has gone out. The due date for companies to submit the first set of data, which covers business interruption premium exposure, is June 1. The second set of data, which deals with business interruption claims and losses, is due June 15.
New Consumer Insights Related to COVID-19
The NAIC Communications Division created several new Consumer Insights in the last month, with some of them covering COVID-19 related topics. For example, one of the new insights is about navigating comprehensive health coverage during the pandemic. We also released an insight on special event coverage. I encourage you to share these insights, as well as others on the NAIC website, with your consumers.
Reduce Your Risk Campaign
Thanks to the wonders of technology, I participated in a satellite media tour that involved doing interviews with 28 radio and television news outlets in one day. I had the opportunity to educate millions of consumers throughout the United States on disaster preparedness and how insurance can help them become more resilient.
Forecasters are predicting an above-average hurricane season this year and it's crucial we help consumers mitigate their risks. The Weather Channel is working on a special program focusing on hurricanes to inform consumers about how they can recover faster after a disaster. I’m pleased to be a part of this program. If you’re interested, you can view a compilation of my interviews here.
#ReduceYourRisk Twitter Chat
We will host a #ReduceYourRisk Twitter chat Wednesday, June 24 at 2 p.m. EDT. We hope your department will join us, IBHS, APCIA, NICB and FEMA in this effort to educate consumers about how they can mitigate their risks. The NAIC will lead the conversation and respond to questions from Twitter users in real-time. This is a great opportunity for the public to ask questions, gain insights, and learn the best practices before, during, and after a natural disaster.
The Twitter chat will use the hashtags #NAICinsuranceChat and #ReduceYourRisk. I encourage all of you to participate if you can.
While COVID-19 has resulted in the cancelation of many events and programs, we are staying actively engaged on the international front. We are participating in conference calls in the following discussions:
- IAIS conference calls where members are discussing supervisory responses to the impact of COVID-19.
- Bilateral conference calls with other jurisdictions, such as Bermuda, Japan, and the EU, centered on developments related to the impact of COVID-19 on regulators and insurance markets.
- Conference calls for other international organizations such as the Sustainable Insurance Forum, which the NAIC recently joined.
Member Activities and News
As part of our ongoing efforts to keep you all informed, as well as provide opportunities to discuss important regulatory issues, we continue to hold member calls every three to four weeks. Our last call was held May 14th, where we discussed a number of important topics, including the status of NAIC meetings in July and August; the status of the COVID-19 business interruption data call; a health insurance update; plans for State Ahead 2.0; and the status of transition (returning to the office) planning by state insurance departments and the NAIC. The next member call is scheduled for Thursday, June 4 at 3:00 p.m. EDT, so please mark your calendars and make plans to join us.
Last, but certainly not least, please help me welcome Kathleen A. Birrane as Insurance Commissioner of the Maryland Insurance Administration. Her appointment became effective on May 18. Congratulations Kathleen and welcome to the NAIC!
That’s all for now. Stay safe and we’ll talk again soon.