Claims and Costs News

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 …

Friday the 13th Superstition May Ring True for Some Drivers: Aviva

The age old superstition about falling prey to bad luck on Friday the 13th does in fact ring true for some motorists according to data from Aviva, the UK’s largest insurer, released last summer. Analysis of 10 years of Aviva …

Study Finds Potholes Cost Insurers, Consumers $27B

Poor road conditions have cost consumers and the insurance industry at least $27 billion over a five year period, according to a 2014 survey commissioned by Trusted Choice and the Independent Insurance Agents & Brokers of America. The survey also …

Auto Injury Fraud and Buildup Add Up to $7.7B in Excess Claims Payments in 2012

According to a recent report released by Penn.-based Insurance Research Council (IRC), a nonprofit research organization funded by property/casualty insurers, auto injury fraud and buildup adds an estimated $5.6 and $7.7 billion in excess claims payments in 2012. The comprehensive …

Insurers Face $1B Payout From February Storms

February storms in the U.S. are expected to cost insurers more than $1 billion, according to the latest Global Catastrophe Recap from Aon Benfield’s Impact Forecasting. Five separate storm systems hit the U.S. during the month, bringing heavy snow, frigid …

Oklahoma Commissioner Warns Insurers on Denial of Earthquake Claims

With the dramatic increase in the number of earthquakes in Oklahoma — which some say are at least partly attributed to waste water injection wells related to the practice of hydraulic fracturing in oil and gas drilling — Oklahoma Insurance …

Top 10 States With Most Tornado Claims: State Farm

Tornado and high winds are some of the most destructive forces of nature. While tornadoes are frequent in the Great Plains, South, and Midwest, there is no state in the country that isn’t at risk. Insurance helps policyholders to recover …

More States Considering Workers’ Compensation Drug Formularies

While workers’ compensation pharmacy benefit managers have been utilizing drug formularies for a long time, only Washington, Texas, Ohio and Oklahoma have state-regulated drug formularies in place. Several more states are considering their use as a way to reduce drug …

Arizona Workers Have No Blanket Right to Travel Expenses in Injury Cases

A court ruling says Arizona workers being treated for on-the-job injuries aren’t entitled to travel expenses if they haven’t shown they cannot get necessary care locally. The Arizona Court of Appeals ruled Tuesday in the workers’ compensation case of a …