US roadways are carrying heavier, more powerful vehicles operated by motorists who are older, driving faster and more often distracted, according to CCC Intelligent Solutions’ annual Crash Course report. Each of those factors has a bearing on the frequency and …
Elevated prices for replacement parts and a shortage of technicians are among the factors that will likely offset any decrease in auto claim frequency caused by the surge in gasoline prices, according to a report released Monday by CCC Intelligent …
The size of payouts for legal malpractice claims reached an all-time high last year, and for the first time some of those claims were made by insurers against the defense attorneys they hire to represent their insureds, according to a …
Not only did natural catastrophes in 2021 break insurance claims records, but they also highlighted the growing cost of non-modeled characteristics of disasters, which are altering the industry’s understanding of these risks, according to a report published by RMS. “Secondary …
The COVID-19 pandemic corresponded with an unusual decrease in workers’ compensation claim severity, while claim frequency was pretty much unchanged, according to a report released Wednesday by the National Council on Compensation Insurance. NCCI said average claim severity for lost-time …
Advanced driver assistance systems result in fewer claims and reduce insurers loss costs by up to 23%, according to a paper by LexisNexis Risk Solutions. John Kanet, director of auto insurance for LexisNexis, said the research shows ADAS has “a …
The share of policyholders who filed a cyberattack claim jumped by 50% from the first half of 2020 compared to the first half of 2021, according to a new report by cyber insurer Coalition. An increasing number of attacks were …
Legal malpractice claims frequency leveled off in 2020, after two years of record payouts and total costs that approached $1 billion, according to a survey by Ames & Gough. The national brokerage, based in McLean, Virginia, said nine out of …
The number of cars on US roadways is returning to normal as states ease COVID-19 restrictions, but that doesn’t necessarily mean claims frequency and severity will return to historic patterns. Metromile, a San Francisco-based pay-as-you-go auto insurer, expects a permanent …
Auto casualty claimants are avoiding hospital emergency rooms during the COVID-19 pandemic but are generating increased hospital charges anyway, according to a new report by Mitchell, a San Diego-based claims administrator. “Anecdotally, we have heard that some people have been …