claims frequency News

Latest Data Show Continued Increase in Electric Vehicle Collision Claims

The frequency of claims submitted for repairable electric vehicles rose to its highest level in 2023, ending the year at 1.97% in the U.S. and 2.86% in Canada, a new report shows. Technology and information provider Mitchell International Inc. issued …

Travelers: New Hires May Drive Work Comp Claim Frequency

A new report by Travelers says workers with less than a year’s time on the job filed 35 percent of all workers’ compensation claims, a troubling statistic considering that employers are in the midst of an historic hiring spree. Rich …

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 …

NCCI: Workers’ Comp Line Thrives Despite COVID-19

The workers’ compensation line powered through the COVID-19 pandemic last year, generating an average profit of 24% while carriers built up $14 billion in “redundant reserves,” the National Council on Compensation Insurance said Tuesday during its virtual Annual Issues Symposium. …

Analysts Predict Trouble Ahead for Personal Auto as Claims Volume Returns to Normal

Insurers are making a bundle on personal auto because claims have plummeted, but the long-term outlook for the line isn’t so rosy, analysts say. Fitch Ratings last week reported that the short-term performance for auto insurers is “unsustainable, and we …

AIG: Large M&A Deals Can Lead to Costly Insurance Claims

The frequency of M&A insurance claims is rising as large deals prove risky and the average payout on the most severe category of claims tops $20 million, according to an American International Group, Inc. study of its representation and warranty …

Law Firms Face Large Malpractice Claims, Some in Excess of $50M

As law firms adjust to the realities of the current business environment, they continue to fall victim to malpractice claims, which can be costly to defend and may result in enduring reputational damage. A new study by insurance broker Ames …

Annual Hospital Risk Insights Study Reveals Increase in Healthcare Claim Severity

There has been a steady increase in healthcare claim severity with severity of claims from teaching and children’s hospitals remaining much higher than the national average. These key findings are a part of the ninth annual Zurich Healthcare Risk Insights …

Stable Medical Malpractice Line Could Benefit From Proactive Risk Management

Nationwide, health care providers continue to experience relatively flat medical malpractice costs according to the Aon/ASHRM Hospital and Physician Professional Liability Benchmark report. The 2014 report was released by Aon Risk Solutions, the global risk management business of Aon plc, …

Medical Malpractice Claim Costs Remain Stable: Report

The cost of medical malpractice is growing at the slowest rate in the fourteen year history of the Aon/ASHRM Hospital and Physician Professional Liability Benchmark report. The 2013 report was released by Aon Risk Solutions, the global risk management business …