Claims and Costs News

Wildfire Claims Complexity Driving Innovation in Loss Adjusting

Greater complexity in insured losses from forest fires is leading to increasing innovation in loss adjusting, according to Cunningham Lindsey’s 2017 Major and Complex Loss Review. The annual report highlights many examples where increasingly complex losses have led to new …

WCRI: Illinois Still Seeing Impact of 2011 Workers’ Compensation Reform Law

The average total cost per workers’ compensation claim in Illinois decreased 6.4 percent since 2010, but remained higher than most of the 17 other states, according to a report released last month by the Workers Compensation Research Institute (WCRI). “The …

Debunking 3 Myths About Machining Safety

Injuries stemming from a lack of machine safeguarding significantly increase metal fabricators’ worker compensation premiums and mods. In addition, it can lead to expensive Occupational Safety and Health Administration (OSHA) citations, a figure that reached $6.8 million in 2015 for …

Selfies Add to Museum Hazards

Museum visitors snapping selfies are driving a spike in accidents that are putting exhibits at risk, according to Linda Sandell, senior vice president and chief underwriting officer with Huntington T. Block, a fine art insurance broker based in Washington D.C. …

NICB: Texas Leads Nation as Hail Damage Claims Jumped 48% in 2016

Everything is big in Texas, including hailstorms. The National Insurance Crime Bureau (NICB) reported that insurance claims for hail damage in Texas last year exceeded the previous two years combined. Hail damage fluctuates year-to-year, but 2016 was a particularly devastating …

Zurich Uses Robots for Personal Injury Claims Document Review

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding …

State Farm Will Displace 4,200 Employees With 11 Office Closings

State Farm Mutual Automobile Insurance Co., the largest U.S. home and auto insurer, plans to shut 11 U.S. facilities, displacing about 4,200 workers, after a $7 billion annual underwriting loss last year on auto policies. The insurer will exit Parsippany, …

One Call Expert Says Comorbidities Complicate Workers’ Comp Claims

In workers’ compensation, seemingly straightforward injuries may turn into prolonged and costly claims when comorbid conditions exist. These comorbidities can end up complicating treatment, recovery and return to work. Eric Patten, senior director of clinical at One Call Care Management, …

Study Says Mobile Homes at Risk From Climate Change, More Tornadoes

As mobile home ownership rises, the volatility of climate change and more tornadoes increases the risk of massive property damage and deaths in coming decades, according to a new study by Michigan State University researchers. The number of mobile homes …

Predictive Models Help Valen Analytics Workers’ Comp Clients Outperform Industry Average

A new study released by Colorado-based Valen Analytics, an Insurity company and provider of proprietary data, analytics and predictive modeling for P/C insurers, revealed that its workers’ compensation customers reported an average of 25 percent loss ratio improvement, nearly double …