claim frequency News

CCC: Heavier Vehicles, Distracted Drivers Impacting Claim Severity

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 …

CCC: Surge in Gas Prices Won’t Curb Rising Auto Claims Costs

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 …

Insurance Defense Counsel a New Target of Legal Malpractice Claims

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 …

RMS: Secondary Perils Responsible for Growing Share of Disaster Claims

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 …

NCCI: Work Comp Claim Frequency Dipped During Height of Pandemic

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 …

ADAS Reduces Loss Costs For Auto Insurers Despite Increased Repair Costs, LexisNexis Says

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 …

Cyber Claim Frequency Growing; Smaller Organizations Targeted

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 Reaches Plateau After Year of Record Payouts

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 …

Traffic Returning to Roadways, But Claims Patterns May Shift Permanently

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 …

Hospital Costs Rising Even Though Claimants Avoiding Emergency Rooms

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 …