Claims and Costs News

IMS: Prescription Drug Spending in U.S. to Hit $400B a Year by 2020

U.S. annual spending on prescription medicines will increase 22 percent over the next five years, climbing as high as $400 billion in 2020, according to a report released by health care information company IMS Health Holdings Inc on Thursday. Those …

Xactware Annual Property Report Highlights Most Common Contents Claims

Jewelry and watches remain the costliest content claims items, according to the latest Xactware Annual Property Report. Data from the company’s 2015 report was outlined recently during the Verisk Monday webinar. In its eleventh year, the property report on the …

Getting Claim Costs Under Control: Improve Your Loss Ratio Using These Proven Fundamentals

The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury …

Tips on Handling Winter-Related Slip & Fall Claims

Slips, trips and falls are a leading cause of injury for businesses and workplaces, according to Travelers Insurance. Businesses with considerable foot traffic have a heightened concern, especially during the winter months. Some of the hazards associated with slip and …

How Regulatory Requirements Drive Workers’ Compensation Costs

On Tuesday, February 9, Safety National hosted a webinar on how the bureaucracy of workers’ compensation drives costs. The hosts of the Out Front Ideas webinar, Mark Walls, vice president of communications and strategic analysis at St. Louis-based Safety National, …

Commercial Property: Inspecting Hard to Reach Areas Quickly and Inexpensively

There are times where an inspection will be necessary in the most unique or hard to reach places. In some cases, it is too difficult or time consuming to rent, transport, place and erect equipment that may or may not …

Zurich Stands Ready to Cut Underperforming Businesses to Rein in Claims

Zurich Insurance Group AG is “prepared to shrink” some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the company’s chief risk officer. “We were surprised, …

California Hospital Workers’ Comp Benchmarking Report

Workers’ compensation claim severity continues to increase, while claims frequency declines, according the latest California hospital report benchmarking workers’ comp costs by Milliman and Keenan Healthcare. Data from 35 facilities (hospital systems and individual facilities) within California was aggregated to …

Rising Auto Claims Blamed for Allstate Quarterly Profit Decline of 41%

Allstate Corp., the largest publicly traded U.S. car and home insurer, said fourth-quarter profit fell on a surge in auto claims. Net income declined 41 percent to $489 million, or $1.18 a share, from $824 million, or $1.86, a year …

Infrared Cameras Assist Liberty Mutual Commercial Field Adjusters

Boston-based Liberty Mutual Insurance has rolled out portable infrared cameras to its property field adjusters working commercial insurance claims. Water damage is one of the leading causes of commercial property claims, according to the insurer, with an average claim cost …