The nation’s largest auto insurers, already struggling with high inflation and mounting accidents, are now facing losses from vehicles flooded by Hurricane Ian. Allstate Corp. announced Wednesday that it would take a $875 million charge to boost its claims reserves in its upcoming third-quarter earnings, primarily related to its auto-insurance business, as a result of… Continue reading Inflation Pressures, Mounting Accidents, Flooding From Ian Hit Allstate, Other Insurers
Tag: auto insurance claims
Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims
State Farm said Thursday that metal thieves in search of platinum, rhodium and palladium are stealing catalytic converters in ever-greater numbers, sending auto-insurance claims soaring across the U.S. Last year, State Farm paid $62.6 million for 32,265 catalytic converter theft claims nationally — a 1,173% increase from 2019. “It’s the metals in general that are… Continue reading Metal Thieves Swiping Tailpipes Create 1,000% Spike in Claims
Commercial Auto Claims Costs Fueled by Attorney Involvement: Study
According to a study conducted by the American Property Casualty Insurance Association (APCIA) and Milliman, attorney involvement in commercial auto insurance claims has increased in recent years, as have costs and resolution times. The report discovered a 21.3 percent increase in total losses between 2015 and 2019, bringing the average cost to $149,494 after analyzing… Continue reading Commercial Auto Claims Costs Fueled by Attorney Involvement: Study
Auto Insurance Claims Satisfaction Climbs to Record High as Carriers Refine Customer Experience During Pandemic
One silver lining to the COVID-19 pandemic: a 22% decline in frequency of auto insurance repairable claims has given insurers some breathing room to refine their customer experience and deliver higher touch and higher quality service during the claims process. According to the J.D. Power 2020 U.S. Auto Claims Satisfaction Study,SM released today, that laser… Continue reading Auto Insurance Claims Satisfaction Climbs to Record High as Carriers Refine Customer Experience During Pandemic