Claims & Reserving
Catalytic Theft Claims Triple in Two Years, Crime Bureau Report Finds
Insurance claims for catalytic converter thefts nationwide jumped by 288 percent in just two years, the National Insurance Crime Bureau said in a new report. Claims rose from 16,660 in 2020 to 64,701 ...
Executive Viewpoint: Realizing the Benefits of Predictive Models, AI for Cat Claims
Being a claims professional in today's world is much more complex compared to the past 10 years — or even just five. The insurance industry is experiencing rapid technological advancements, ...
Progressive Falling Short of CR Target; 10 More Points of Rate This Year
With loss reserve actions moving Progressive's first-quarter calendar year combined ratio up to 99, the company is tightening underwriting, cutting advertising spend and taking more rate actions, the ...
Lawsuit, Adjuster Say UPC Altered Louisiana Estimate After Hurricane Ida
The practice of insurance companies revising independent adjusters' damage reports may be as widespread in Louisiana as it is in Florida, according to adjusters and a plaintiffs' attorney who has ...
Loss Reserving and Pricing in a Time of Inflation
Inflation and the threat of a recession are a reality not to be ignored. The combined effects of the Ukraine conflict and post-COVID supply chain disruption resulted in inflation rates not seen in 40 ...
Progressive Reports Favorable Ian Development
Insurer Progressive reduced its estimate of gross loss and loss adjustment expenses for vehicle and property claims related to Hurricane Ian by $400 million, pushing the total down to $1.6 billion. ...
Customer Satisfaction With Digital Claims Declines Again: J.D. Power
Customer satisfaction with insurers' digital claims systems declined for the second consecutive year, according to a J.D. Power survey of auto and home policyholders. Mark Garrett, director of P/C ...
Hurricane Ian Drives Global Insured Losses of $115B From Natural Disasters: Swiss Re
Hurricane Ian and other natural catastrophes, such as European winter storms, floods in Australia, and hailstorms in France and the U.S., have cost global insurers an estimated $115 billion so far ...