What type of data is collected and used for risk evaluation in the insurance industry?

In Alaska, the Division of Insurance regulates the insurance industry and collects data to evaluate and measure risk. This data includes information from both insurance companies and policyholders. Companies provide information on their financial stability, while individuals disclose demographic and health information. Data from insurance companies includes information about the company’s financial health, such as their reserves, policies, and investments. This data helps the Division of Insurance gauge a company’s ability to pay claims. They also collect operational information, such as complaints, market conduct exams, and corporate structures. Individuals provide data about themselves, such as their age, gender, occupation, and health. This data helps the Division of Insurance evaluate an individual’s risk factors and determine the rate of coverage they should receive. Insurance companies also look at customer information to assess risk and adjust premiums accordingly. Overall, the Division of Insurance collects and uses a variety of data points from insurance companies and policyholders to evaluate and measure risk in the insurance industry. This data helps the Division of Insurance make sure all insurance companies and policyholders are gauged appropriately and protect Alaskan consumers.

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What type of data is collected and used for risk evaluation in the insurance industry?

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