At the recent NAIC meeting in Tampa, Florida, AAIS sat down with Maine Bureau of Insurance's Property & Casualty Actuary Sandra Darby to talk upcoming trends that we can expect to see in 2023. She also shared what the NAIC Stat Working Group is currently working on and the exciting projects they plan to implement in the New Year.
"The NAIC Stat Working Group looks forward to digging into the handbook and updating how we pull stat data and the way stat agents collect that data...we hope to put it into a more user friendly, visual presentation for regulators to use that data for any purpose that they might need," said Darby.
She also shared that advisory organizations like AAIS are an important part of modernizing the insurance space by helping to update things like the handbook and how the data is collected. "These updates are important so we can put this information into a format that brings the insurance space well into the future," said Darby.
She also stated that "the market is definitely hardening a bit with rates going up, but we are doing a thorough review of all the rate increases to make sure they are not excessive or discriminatory."
To view the full interview with Sandra Darby, please click the video above.