Claims and Costs News

Chicago OIG Recommends Risk Management Program to Address Claims Payouts

The City of Chicago Office of Inspector General (OIG) released an advisory identifying the absence of a comprehensive risk management program in Chicago and highlighting the substantial operational and fiscal benefits of implementing such a program. Based on the limited …

How a Forensic Accountant Can Knock Out Unsubstantiated Claims

When insurance defense attorneys suspect that plaintiffs have inflated their claims, forensic accountants can help identify potential red flags and potentially save Defendants substantial sums. Given that some plaintiffs may exaggerate the value and ignore information detrimental to their case, …

Timely Mitigation of Hail Damage Blows the Roof Off of Status Quo

When it comes to hail damage or another major weather event, the insurance industry might benefit from the “an ounce of prevention can equal a pound of cure” philosophy used in the healthcare world. Let’s say a person has a …

I.I.I.: Homeowner Insurance Claim Severity Due to Lightning Up 7% in 2015

The number of homeowners insurance claims from lightning strikes in the United States fell in 2015; however, the total insurers paid on those claims rose by nearly 7 percent, according to a new analysis by the Insurance Information Institute (I.I.I.). …

The Case of the 18 Waterlogged Rugs

My appraisal team was recently asked to determine feasibility of restoration or conservation as well as the replacement values for 18 rugs damaged in a water loss. Color runs, discoloration and stains were among the types of damage incurred. Seller …

Travelers: Training, Risk Mitigation Can Help Businesses Reduce Workers’ Comp Claims

A new report released by the Travelers Companies Inc., reveals that even minor injuries can substantially impact business productivity. The Injury Impact Report identifies the most common causes of workplace accidents and injuries through analysis of 1.5 million workers’ compensation …

NICB: Number of Hail Claims Fluctuates But Severity Through the Roof

Though recent analysis of hail claims revealed a significant decline within the past couple of years, data compiled by Verisk A-PLUS property database indicates hail-related claims costs soared between 2008-2013. The National Insurance Crime Bureau released the most recent three-year …

Dog Bite Claims Costs Rise 16% to $37,214

The cost of dog bite claims for U.S. insurers climbed 16 percent last year on higher medical expenses and larger settlements to resolve court disputes. The average claim increased to $37,214 in 2015 from $32,072 a year earlier, according to …

Early April Ohio Storms Cause $52.6M in Insured Losses

An early April storm caused significant property losses in Ohio and several other states. According to the Ohio Insurance Institute (OII) and Property Claim Services (PCS) high winds and accompanying rains across the Buckeye state caused between $52.6 and $57.8 …

Alberta Fires Worse on Canada Economy Than Katrina Was for U.S.

Intact Financial Corp. may post insured losses of as much as C$1.1 billion ($850 million) from the wildfires in Alberta, which could dent the Canadian economy harder than Hurricane Katrina hit the U.S. Intact, Canada’s biggest property and casualty insurer, …