PA Issues Notice Regarding the Need to Assess the Impacts of COVID-19 Pandemic in Property and Casualty Rate Filing
On April 24, 2021, the Pennsylvania Insurance Department issued Bulletin No. 51 Pa.B. 2363 reminding insurers that they need to continue to account for the impacts of the COVID-19 pandemic in their rate filings.
Insurers must assess the impact of the pandemic on their property and casualty products and explain how it is accounted for in the filing. The filings should also include five years’ of claim frequency statistics by month on a state and countrywide basis. If there is an offsetting impact to severity, then the severity information should also be provided. If insurers believe they have not been impacted by the pandemic, then they must include a section in the rate filing supporting their assessment.
The Department will continue to monitor the situation and will announce when this information is no longer required to be included in the rate filings.
For any questions regarding the Bulletin No. 51 Pa.B. 2363 , or any other rate filing concerns, please contact Westmont Associates, Inc.