claim severity News

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 …

Fitch Says Sharp Drop in Claims Frequency Helped Commercial Auto Break Even, Almost

A sharp decline in claim frequency helped the commercial auto line achieve its best underwriting performance in a decade last year, but rising claim severity threatens to erode profits as traffic returns to US roadways, according to a report released …

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 …

Survey: Claim Severity Driving Rate Increases for Architecture and Engineering Firms

Rising claim severity is leading to rate increases for professional liability insurance sold to architecture and engineering firms, according to a report released Tuesday by Ames & Gough. The brokerage, headquartered in McLean, Va., said that 73% of professional liability …

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 …

Vehicle Accidents an Exception Amid Declining Number of Work Injuries

While the frequency of workers’ compensation claims has continued a decades-long decline, the number of work injuries caused by motor vehicle accidents has continued a steady increase that began in 2011, according to a new report by the National Council …

Viewpoint: Effective Accident Management Can Reduce Claim Severity

Over the past several years high auto collision claims severity has challenged claims organizations and driven a trend of higher premiums, to the detriment of customer retention in an increasingly competitive market. To reign in the escalation, savvy claims organizations …

Injury Rates Still Dropping Even as Older Workers Take Larger Share of Workforce

The number of workplace injury claims continues to decline year after year despite significant changes in workforce demographics that one might think should increase claims frequency, according to a report released Monday by the National Council of Compensation Insurance. The …