hurricane harvey: lessons learned · hurricane harvey data call: overview • issued september 21,...
TRANSCRIPT
Hurricane Harvey:Lessons Learned
Texas Department of Insurance
Communications
Stephanie Goodman
Deputy Commissioner for Public Affairs
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Before the storm
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After the storm: Filing your claim
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After the storm: Scams and alerts
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After the storm: Claim questions
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After the storm: Help with recovery
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After the storm: How to get help
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Complaint trends
Melissa Hield
Associate Commissioner Consumer Protection
After the storm: Harvey complaints to TDI
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By the numbers:
• Homeowners claims – 783
• Personal auto claims – 190
• Additional payments to consumers - $4 million
• (as of March 23)
• 670,000 claims were submitted in the first 30-45 days after the storm
Source: Hurricane Harvey Data Call report, January 23, 2018
Harvey, Ike, and Allison complaints
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30 weeks after the storm
Lessons learned
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• Many initial claims were paid quickly
Tip: Include a chronology of the claim with dates and amounts of payments in your response to TDI.
• Consumer issues
• No coverage in place
• Coverage gaps
• Underinsured
• Adjusters
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Agent and adjuster licensing
Elijio Salas
Associate Commissioner Licensing Services
After the storm: Agent and Adjuster Licensing
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• 25% increase in filings in first 5 months of FY2018 compared to previous year. That includes:
• About 54,000 application filings of all types
• 22,000 adjuster / emergency adjuster applications
• 83,000 calls
• Processing days reached just over 60 days by January 2018.
• Today, processing less than 15 days for all intakes.
After the storm: Lessons learned
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• Increase electronic application services. Soon emergency adjuster applications will be available electronically.
• Develop and cross-train Licensing Services staff to help when a catastrophic event hits.
• Continue contingency planning to be able to adjust capacity more quickly in the future.
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Data call
Brian Ryder
Senior Actuary and Team Lead Property & Casualty Data Services
Hurricane Harvey data call: Overview• Issued September 21, 2017.
• All property and casualty insurers, including surplus lines insurers, required to report monthly (later changed to quarterly).
• First submission for data through September 30 was due October 31. Later submissions due 15 days after the end of month (later changed to quarter).
• Insurers required to submit claim and loss data by ZIP code for about 1,070 ZIP codes in 62 counties.
• TDI is using the data to:
o Help monitor the financial impact of Hurricane Harvey on insurers;
o Help monitor the market in terms of insurer claims handling; and
o Provide aggregate data regarding the impact of Hurricane Harvey to policymakers, public officials, and the public.
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Hurricane Harvey data call: Initial results• Data as of first submission.
• Insurers reported about 670,000 total claims for Hurricane Harvey.
• Insurers paid about $4.5 billion in losses, with a gross loss estimate greater than $15 billion.
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Hurricane Harvey data call: Reporting issues
• Companies failing to provide statewide net and gross estimates by line of insurance (Tab A.3, cols. (10) and (11)).
• Companies reporting spaces or text (for example, “NA”) with their ZIP code-level data (Tabs A.1 and A.2).
• Companies overwriting or altering formulas, formatting, or headers in the reporting worksheets.
• Companies adding rows in their ZIP code-level data for duplicate ZIP codes.
• Companies not providing the NAIC company code for each ZIP code in which the company is reporting data.
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Hurricane Harvey data call: Data issues
• Total closed claims exceed total reported claims by a significant amount for a given month.
• Average days to close a claim is greater than the number of days from the date of the storm to the reporting date.
• Number of reported claims decrease significantly from one month’s submission to the next.
• Significant decreases in the number of closed claims with little or no increase in the number of reopened claims.
• Significant increases or decreases in the average number of days to close from one month’s submission to the next.
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