Claims and Costs News

Illinois Considers Cap on Former Pro Athlete Workers’ Comp

Should injured pro athletes be allowed to earn worker compensation benefits until they are 67 years old, like other workers, even if their athletic careers normally would have ended more than 30 years earlier? That issue is being debated between …

Documenting Subrogation Loss Means Getting Lots of Photos

There are never enough photos when it comes to a subrogation claim, according to Cozen O’Connor subrogation attorneys Joseph Rich and Richard Maleski. During a firm webinar, Building a Better Subro Claim:  Best Ways for Adjusters to Help, the two …

The Case of the “Good” Grade Comics

Comic books first came to the US market in the 1930’s, though their history dates back to 18th century Japan. Since 1939, comic book collecting as a trend and in turn comic book values, have waxed and waned through the …

Liberty Mutual: Worst Workplace Injuries Cost U.S. Firms $59B Per Year

Workplace injuries and accidents that cause employees to miss six or more days of work cost U.S. employers $59.9 billion in 2014, the most recent year for which statistically valid injury data are available from the U.S. Bureau of Labor …

Establishing Value on Contents Claims: 3 Bad Habits to Break

Every insurer wants to settle contents claims quickly and accurately, but how well do we succeed in that aim? Truth be told, inaccuracies related to either the age, brand name, material or size of items can lead to an over …

Analytics at Heart of Workers’ Comp Cost Containment

To remain competitive in the marketplace, all workers’ compensation carriers will need to adopt some form of analytics, according to Rob Lewis, president of ISO Claims Partners. Lewis outlined the benefits of using predictive analytics in all stages of a …

Lemonade Boasts Claims Settlement Speed Record, AI Jim Answers Questions

Recently, Lemonade reported a claim handling world record. The insurer reported a claim settlement speed record – 3 seconds and no paperwork. According to the insurer, a policyholder submitted a theft claim for a $979 Canada Goose Langford Parka on …

How Insurers Can Combat the Rising Cost of Third Party Auto Claims

Insurance carriers today are struggling to keep up with the rising cost of third party auto claims. While there are multiple factors driving up costs, there are three primary problems that stand out – complex industry trends, inconsistent evaluation and …

Swiss Re Estimates 2016 Cat Insured Losses at $49B

Earthquakes, hail, thunderstorms and Hurricane Matthew resulted in the largest insurance losses in 2016. Total economic losses from natural catastrophes and man-made disasters in 2016 are estimated to be $158 billion in 2016, according to figures released by Swiss Re. …

Record Texas Hailstorm Losses in 2016

In 2016, Texas suffered through another costly year of weather-related losses for homeowners and autos. Looking only at loss information through the end of September, it has been a year of record losses for hailstorms. The months of March and …