Claims and Costs News

State Farm: Top 5 States for Deer Collision Claims

In many U.S. states, drivers are all too familiar with deer crossing signs, but do they really know how close the danger may be? State Farm has released its annual deer claim study, which ranks states by the potential drivers …

Communication Imperative to Cost Effective Panel Management

Communication, data collection and analysis are key drivers to a successful litigation management program, according to Vince Venturella, product manager with Wolters Kluwer Enterprise Legal Management (ELM) Solutions. A 2015 study on panel management and performance conducted by ELM Solutions, …

Experts Say Identify Comorbidities Early to Control Workers’ Comp Claims Costs

Workers’ compensation case severity can be tackled by recognizing and treating comorbidities early, according to industry experts. Case severity scoring and other predictive analytic tools can assist adjusters in identifying potentially problematic claims. Inside Workers’ Comp, a Genex multimedia series, …

RMS Ranks Top 10 Ports at Greatest Risk in a Natural Catastrophe

In the event of a natural catastrophe, two ports in Nagoya, Japan and Guangzhou, China, would suffer the greatest losses at $2.3 billion and $2 billion respectively, according to RMS analysis of the catastrophe risk associated with the world’s ports. …

Citizens Implements $1.8M Estimate Review Program for Florida Water Loss Claims

Florida’s insurer of last resort, Citizens, has expanded its efforts to curb increasing water loss claims with a new Water Mitigation Estimate Review Program. Citizens Chief Claims Officer Jay Adams said the new program will provide Citizens with “certified and …

Chicago OIG Recommends Risk Management Program to Address Claims Payouts

The City of Chicago Office of Inspector General (OIG) released an advisory identifying the absence of a comprehensive risk management program in Chicago and highlighting the substantial operational and fiscal benefits of implementing such a program. Based on the limited …

How a Forensic Accountant Can Knock Out Unsubstantiated Claims

When insurance defense attorneys suspect that plaintiffs have inflated their claims, forensic accountants can help identify potential red flags and potentially save Defendants substantial sums. Given that some plaintiffs may exaggerate the value and ignore information detrimental to their case, …

Timely Mitigation of Hail Damage Blows the Roof Off of Status Quo

When it comes to hail damage or another major weather event, the insurance industry might benefit from the “an ounce of prevention can equal a pound of cure” philosophy used in the healthcare world. Let’s say a person has a …

I.I.I.: Homeowner Insurance Claim Severity Due to Lightning Up 7% in 2015

The number of homeowners insurance claims from lightning strikes in the United States fell in 2015; however, the total insurers paid on those claims rose by nearly 7 percent, according to a new analysis by the Insurance Information Institute (I.I.I.). …

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 …