Claims and Costs News

Word of Mouth, Desire for More Money Leads Injured Auto Crash Claimants to Hire Attorneys

In a recent online poll about experiences with auto injury insurance claims, almost half of respondents with auto injury claims hired attorneys to help settle those claims, according to a survey commissioned by the Insurance Research Council. The most common …

Decline in ER Visits, Claims Costs Spurs EMPLOYERS to Expand Nurse Triage Hotline

Reductions in emergency room visits and total claim costs prompted EMPLOYERS, a small business insurance specialist, to expand its Injured Employee Hotline nationwide. The service, which began as a test in Florida in 2014, gives injured workers the option to …

How Data Analytics Helps to Control Workers’ Comp Claims and Costs

Several challenges unique to workers’ compensation claims highlight the benefits of a robust data analytics system, according to a panel of experts who presented on the subject during Verisk Insurance Solutions’ Monday webinar series. Underwriting new risks, managing medical provider …

Cycle Time Is King

Workers’ compensation is essentially a collection of interrelated actions taken by the employer, payer, provider and injured worker in the service of the injured worker’s recovery and return to work. Putting the injured worker at the center of this activity …

Uptick in Auto Claims Severity Due in Part to Distracted Drivers

Earlier this year, Fitch Ratings reported that the commercial auto insurance market suffered its fifth consecutive year of underwriting losses in 2015. The commercial auto combined ratio averaged 106 percent from 2011-2015, Fitch reported. According to James Auden, managing director …

Detroit Agrees to Pay $11 M in Water Damage Claims to 800 Residents

Months after two severe storms flooded basements on Detroit’s east side, the Michigan city’s water department has decided to pay the claims of all residents who aren’t suing it. Hundreds of homes were damaged during the July 8 storm, which …

Survey Finds Workers’ Comp Drug Spend is Down

A new survey shows an 8.7 percent reduction in worker’s compensation payers’ drug spend, according to CompPharma’s 13th Annual Survey of Prescription Drug Management in Workers’ Compensation. The survey analyzed the 2015 pharmacy cost data of 30 workers’ compensation insurance …

Only 4 of 274 Claims Paid After Largest Oklahoma Quake

Only four insurance claims worth $24,232 have been paid of 274 damage claims filed after Oklahoma was hit with its largest earthquake in September. The magnitude 5.8 quake damaged buildings and slightly injured one man. The Oklahoman reports of more …

New Mexico Workers’ Comp Rates Could Drop by 9% in 2017

New Mexico employers could see a decrease in their insurance costs for on-the-job injuries and deaths. The state Office of Superintendent of Insurance says a key factor in calculating individual employers’ workers’ compensation costs will drop by an average of …

I.I.I. White Paper Reveals the Reasons for Increased Frequency, Severity in Auto Claims

In the last two years, private-passenger loss costs have risen sharply¬† the result of more and costlier claims, according to a new white paper released by the Insurance Information Institute (I.I.I.). “There has been an alarming increase in crashes and …