The property/casualty insurance industry is confronting challenging claims dynamics, with rising frequency and severity of claims despite decreases in economic inflation, according to Swiss Re. The pace of claims growth in the liability line of business challenges the insurability of …
The average claim cycle time for auto injury has dropped below pre-pandemic durations after rising rapidly in 2020 and 2021, but medical treatment patterns shifted away from conservative care, according to a new report by CCC Intelligent Solutions. The report …
Allstate Corp. reported net catastrophe losses of $2.7 billion in the second quarter, resulting in a net loss for the period of $1.4 billion as catastrophe and underwriting losses offset other favorable factors. President and CEO Tom Wilson said the …
Insurance claims inflation has risen faster than the underlying consumer price index, outpacing auto insurance premium increases, according to a new study by the American Property Casualty Insurance Association (APCIA). The national trade association for home, auto and business insurers …
At the same time as traffic fatalities increased and motorists’ driving habits deteriorated, law enforcement officers were issuing fewer citations for traffic violations, data analytics company TransUnion says in a new report. TransUnion gathers traffic violation data from the courts …
Claim severity for both bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto Insurance Trends report says the …
Preliminary traffic data provides some hope that a rash of unsafe driving habits spawned by traffic-free roads during COVID-19 business shutdowns is beginning to abate. The National Highway Traffic Safety Administration said that for the second quarter of 2022, from …
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 …