Claims and Costs News

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 …

Farmers Reports 52% Jump in Q2 Homeowners Claims Due to Spring Storms

Water, wind and hail lead the race for main causes of loss to homes in the second quarter of the year according to the Farmers Insurance Seasonal Smarts Digest. April, May and June are months known for their severe weather, …

Insurance to Cover Nebraska Prison Riot Damage Totaling $300,000 to $500,000

A deadly Nebraska prison riot may have caused half a million dollars in damage, and is believed to have started when inmates complained about a lack of rehabilitation programs. Lawmakers said Thursday that damage to the Tecumseh State Correctional Institution …

Dog Bite Claims Costs Soar, Account for 1/3 of All Homeowner Liability Claims

Dog bites and other dog-related injuries accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2014, costing in excess of $530 million, according to the Insurance Information Institute (I.I.I.) and State Farm. An analysis …

Patient Engagement Key to Improving Compliance, Return to Work in Workers’ Comp Claims

A new whitepaper by Coventry, a company that offers workers’ compensation cost and care management to insurers, third party administrators and employers, discusses ways to improve compliance and return to work in workers’ compensation claims. The paper, released this month, …

Average Medical Payment Per Claim Decreased 5% Following California Regulatory Changes

The average medical payment per claim for treating injured workers decreased by 5 percent in California in 2013, according to a recent study by the Workers Compensation Research Institute (WCRI), which could reflect some early impact of the state’s reform …

Proactively Identifying and Managing Back Claims May Reduce Costs by 33%

A combination of sophisticated predictive analytics and early, expert medical assessment can significantly reduce the cost and duration of workers’ compensation back claims, according to new research released by York Risk Services Group, a claims management, managed care and risk …

Evidence-Based Medicine Trumps Medical Imaging in Reducing Costs in Workers’ Comp Claims

When it comes to workers’ compensation claims, low back injuries are the most costly musculoskeletal condition representing 20-25 percent of all loss, according to an analysis of Lockton claims. Further analysis of claims over $250,000, indicate they represent 25 percent …

RMS Estimates Insured Losses From Windstorm Niklas Could Hit $1.5B Euro

RMS, the a global catastrophe risk management firm, estimates that insured property losses from Windstorm Niklas will fall between 750 million and 1.5 billion euro. Losses in Germany will account for around three quarters of the total loss. The loss …