Claims and Costs News

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, …

PCS: $3.8B in US Insured Losses Makes Q1 2016 Worst in Decade

Catastrophe activity in the U.S. led to $3.8 billion in insured losses in 29 states during the 2016 first quarter, with much of the damage hitting Texas. Those events were the worst in a decade in terms of frequency and …

Contents Analysis: Baiting Claims Values on Fishing Gear

Valuing Rods, Reels, Bait & Tackle Fishing is defined as the capture of any aquatic animal, including shellfish and octopi, through the use of specialized equipment. This equipment turns up quite often in insurance claims. Over a nine-month span between …

Tips on Investigating Contents Claims Fraud

Recognizing the difference between hard and soft fraud can aid in investigating fraudulent contents claims, according to two Property & Liability Resource Bureau national conference panelists who spoke recently on the subject. Both Florida-based experts, Greg Nelson with UPC Insurance …

IMS: Prescription Drug Spending in U.S. to Hit $400B a Year by 2020

U.S. annual spending on prescription medicines will increase 22 percent over the next five years, climbing as high as $400 billion in 2020, according to a report released by health care information company IMS Health Holdings Inc on Thursday. Those …