Claims and Costs News

Impact of Procedure Code Analysis on Claims Handling Procedures

Investigation into the top 10 procedure codes, based on total allowed amount, experienced by the auto casualty insurance marketplace provides valuable insight for claims organizations, investigators and legislators. With thousands of possible medical services available to medical providers, the injury …

Opioid Abuse Rises in Construction, Manufacturing Sectors: CNA

CNA recently issued two new reports that examine the growing prescription opioid abuse epidemic and its effect on the U.S. workforce, focusing on the construction and manufacturing industries, which are particularly at risk for such abuse. The reports, Construction: Prescription …

July Most Dangerous Month for Motorcycle Crashes According to Progressive Claims Data

The summer travel season is peak time for passionate motorcycle riders and after a brutal winter, they’re anxious to make the most of every mile. If fact, more motorcycle riders are hitting the road than ever before with new motorcycle …

I.I.I. Reports Lightning Claims Down in 2014 While Severity Rises

The number of insurance claims from lightning strikes in the United States continued its steady decline, as severe thunderstorm activity eased from near-record levels and dry weather prevailed throughout much of the western half of the country. Despite fewer storms, …

Farmers Reports May Storms Result in Estimated $80M in Claims Losses

Storms moving through multiple states at the end of May including Texas, Oklahoma, Kansas and Arkansas, have resulted in more than 9,000 claims already filed across multiple states for Farmers Insurance. Since the storms struck, Farmers Insurance specialized catastrophe adjusters …

New Survey Highlights Opportunities for Improving Property Claims Vendor Usage

A new survey highlights opportunities for North American property/casualty insurers to better utilize property claims third party services. Commissioned by BrightClaim, a national claims services provider, and conducted by Ward Group, a provider of benchmarking and best practices studies to …

Farmers Claims Data Reveals 70% of Hail Claims Occur April Through June

According to data from the Farmers Insurance Seasonal Smarts Digest, extreme spring weather brings a significant increase in damage to cars and homes across the country between April and June. The new report, which examined Farmers claims data from 2013 …

Michigan Workers’ Comp Costs Lower Than Most States: WCRI

Workers’ compensation costs per claim in Michigan were lower than that of the typical state, according to a recent study by Massachusetts-based Workers Compensation Research Institute, with average claim size falling over a three-year period. The WCRI study, CompScope Benchmarks …

Jewelry Theft Losses Increased by More Than $11M in 2014

Despite a decline in the number of jewelry store robberies and burglaries in 2014, dollar losses increased by more than $11M, according to John Kennedy, president of Jewelers Security Alliance (JSA). Kennedy and Scott Guginsky, vice president of JSA, discussed …

Slow Rise in Texas Workers’ Comp Claims Costs: WCRI

Workers’ compensation claims in Texas grew more slowly than in most of the other study states examined in a recent report by Cambridge-based Workers Compensation Research Institute (WCRI). The total average cost per claim for injured workers in Texas was …