The Florida Office of Insurance Regulation wants property insurers to remember that another deadline for enhanced catastrophe reporting on Hurricane Idalia claims is Nov. 16.
The OIR is required by law to collect a range of data on hurricane claims. The deadline for the first round of enhanced reporting was in September. The latest round is required of all property insurers and must be timely and accurate, the office said in a bulletin Monday.
Claims reporting forms and other information can be found here, on the OIR website. The fillable 2023 catastrophe reporting form template must be downloaded within the filing. Previously downloaded templates will not work, the agency noted.
Each insurer must submit its CRF on an individual insurer basis only, OIR said. If an insurer has no policies in force in Florida for the required lines, the insurer must still submit a “no data” filing. Reporting is cumulative and must include all claims as of the reporting date.
Idalia struck the less-populated Big Bend area of Florida in late August. OIR reports that as of Oct. 26, some 24,250 claims have been reported, with about 16,500 of those for residential property. About 71% of claims have been closed – 10,546 of them closed with payment. About 6,769 were closed without payment and 3,727 remain open without payment, the office reported.
Insured losses from the storm are estimated to be more than $288 million, OIR said.
**Article obtained from: Insurance Journal, By: Insurance Journal Staff Reports, Published 11/07/2023
https://www.insurancejournal.com/news/southeast/2023/11/07/747343.htm
