Claims and Costs News

Commercial Property: Inspecting Hard to Reach Areas Quickly and Inexpensively

There are times where an inspection will be necessary in the most unique or hard to reach places. In some cases, it is too difficult or time consuming to rent, transport, place and erect equipment that may or may not …

Zurich Stands Ready to Cut Underperforming Businesses to Rein in Claims

Zurich Insurance Group AG is “prepared to shrink” some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the company’s chief risk officer. “We were surprised, …

California Hospital Workers’ Comp Benchmarking Report

Workers’ compensation claim severity continues to increase, while claims frequency declines, according the latest California hospital report benchmarking workers’ comp costs by Milliman and Keenan Healthcare. Data from 35 facilities (hospital systems and individual facilities) within California was aggregated to …

Rising Auto Claims Blamed for Allstate Quarterly Profit Decline of 41%

Allstate Corp., the largest publicly traded U.S. car and home insurer, said fourth-quarter profit fell on a surge in auto claims. Net income declined 41 percent to $489 million, or $1.18 a share, from $824 million, or $1.86, a year …

Infrared Cameras Assist Liberty Mutual Commercial Field Adjusters

Boston-based Liberty Mutual Insurance has rolled out portable infrared cameras to its property field adjusters working commercial insurance claims. Water damage is one of the leading causes of commercial property claims, according to the insurer, with an average claim cost …

Liberty Mutual: Serious Workplace Injuries Cost U.S. Businesses $62B a Year

Workplace injuries and accidents that cause employees to miss six or more days of work cost U.S. employers nearly $62 billion in 2013, the most recent year for which statistically valid injury data is available from the U.S. Bureau of …

Multi-Billion Dollar Loss Expected From East Coast Blizzard

Massive blizzards that paralyzed much of the U.S. East Coast in the past few days are likely to cause “multi-billion” dollar economic losses in one of the worst storms in the region in over a century, reinsurance broker Aon Benfield …

Butte, Valley Wildfires Cause $1B in Insured Losses

Two of the most destructive fires in California’s history, the Valley and Butte Fires, ravaged nearly 150,000 acres in Northern California last fall and caused an estimated $1 billion in insurance losses. The Valley fire pillaged 1,958 structures in Lake, …

Older Workers Effect on Workers’ Comp Injuries and Costs

Employment of workers aged 65 or older grew by 101 percent between 1997 and 2007, while employment of individuals 75 and older increased by 172 percent, according to the Bureau of Labor Statistics. By 2020, one in four Americans will …

Surge Seen in California Hospitals’ Use of CTs in Patients With Minor Injuries

Twice as many patients with non-serious injuries, such as fractures or neck strain, are undergoing CT scans in emergency departments at California hospitals, according to a UCSF-led study, which tracked the use of the imaging from 2005 to 2013. While …