Washington Commissioner Wants Auto Claims, Rebate Data from Insurers
Washington Insurance Commissioner Mike Kreidler issued a data call of 124 auto insurance companies for recent rebates given to policyholders during the COVID-19 pandemic.
Kreidler is requesting claims data for private passenger auto claims from 2016 to 2020 and how the insurers applied any COVID-19-related refunds in 2020. Responses are due July 30.
“I want to see what premiums consumers paid during the pandemic and the companies’ claims costs,” Kreidler said in a statement. “We know that people drove less and had fewer accidents. If this resulted in fewer claims, then insurers need to look at the rates they charged. If they’re excessive, they should make it up to their policyholders.”
He urged insurers to issue rebates in April 2020 due to decreased driving during the pandemic.
Insurers responded to a similar data call in California earlier this year, resulting in a report from the California Department of Insurance showing that insurers overcharged drivers despite fewer accidents and claims during the pandemic. In response, California Insurance Commissioner Ricardo Lara ordered additional premium rebates for policyholders.
- Russia-Linked Ransomware Group Hits Iowa Grain Cooperative, Violating Biden Warning
- Twitter Agrees to Pay $810M to Settle Shareholder Lawsuit Over Growth Prospects
- Demand Outpacing Supply in One of Best E&S Markets in 50 Years, Industry Veteran Says
- Maryland Couple Indicted in $20M Insurance Fraud Scheme