Claims and Costs News

Travelers Claims Data Reveals Ways Thieves Use Stolen Identities

Travelers revealed 2014 identity fraud claim information from its claim data that highlight the most common ways identity thieves use personal information. Thirty-six percent were a result of thieves using existing credit or debit cards. Twenty-one percent of claims are …

State Farm Ranks Top States for Hail Losses

As temperatures warm there’s an increased risk for the formation of hail. Damage to homes and cars as a result of hail cost State Farm policyholders more than $2.4 billion in 2014. Hail is one of the most frequent causes …

Bell and Smith Top Allstate’s List of Stormiest Texas Counties

Texas storms affected more Allstate insured homes and cars in Bell county than any other part of the state over the past five years, while Smith county saw the highest frequency of lightning. Allstate tallied the top 25 Texas counties …

Windstorms Mike, Niklas Cause $1B Damage in Europe

Windstorms Mike and Niklas, which swept across Europe last month, killing nine people and severely damaging parts of Germany, probably cost insurers more than $1 billion, Aon Plc said. The hurricane-force winds also struck portions of the U.K., Netherlands, Switzerland, …

Commentary: 4 Reasons Why Insurers Should Incentivize Third Party Inventories

As many insurers are well aware, few homeowners are fully prepared when disaster strikes. Jay Straughan, Enservio’s vice president of claims, was recently quoted as saying “almost none of the insureds he encounters have property inventory lists.” Even if these …

Oklahoma City Releases Preliminary Tornado Damage Survey

The Oklahoma City Emergency Management office has released its preliminary survey of damage caused by a March 25 tornado. The city reports 89 homes with minimal damage and 50 homes – including 43 mobile homes – with minor damage. Twenty …

The Hartford: 40% of Small Businesses Will Sustain a Claim Within 10 Years

Four out of 10 small businesses are likely to experience a property or general liability claim in the next 10 years, according to an analysis of The Hartford’s small business claims. Topping the list for the most common claim is …

Addressing Medical Marijuana in Claims

With the approval of marijuana as a treatment for medical conditions in 23 states, plus Washington D.C., and the legalization of recreational marijuana use in two states (Colorado and Washington where its legal medically and recreationally), there are several factors …

Securities Class Action Settlements Plummeted Last Year

Bringing a securities class action became less lucrative last year. According to Cornerstone Research, total settlements in such cases hit their lowest point in 16 years. The aggregate amount of settlements dropped 78 percent to $1.07 billion in 2014 from …

California Tops List for Water Loss Claims: State Farm

April showers bring May flowers but it also brings the potential for water in your basement. One of the worst experiences a homeowner can have is a backed-up sewer or drain filling the basement with foul-smelling water and sewage. Water …