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You are here: Home / Archives for Claim Severity

LexisNexis Analysis Shows Advanced Driver Assistance Systems Are Reducing Loss Costs

November 9, 2021 By CollisionWeek Editor

Report shows lower auto claims frequency and loss costs on ADAS equipped vehicles. LexisNexis Risk Solutions announced a new analysis of the relationship between Advanced Driver Assistance Systems (ADAS) features and U.S. auto insurance claims, which counters common insurance industry sentiment that ADAS repair costs offset ADAS loss cost benefits. The results are featured in […]

Filed Under: News Tagged With: Advanced Driver Assistance Systems, Claim Frequency, Claim Severity, LexisNexis Risk Solutions

Allstate Says Supply Chain Disruptions Impacting Auto Insurance Collision Repair and Total Loss Costs in Third Quarter

November 5, 2021 By CollisionWeek Editor

Insurer reports auto frequency above last year, but below pre-pandemic levels. Severity up on higher repair costs and used vehicle price increases. The Allstate Corporation (NYSE: ALL) today reported total revenues of $12.5 billion in the third quarter of 2021 increased 16.9% compared to the prior year quarter, reflecting higher earned premiums from National General, […]

Filed Under: News Tagged With: Allstate Insurance, Claim Frequency, Claim Severity, Earnings

White Paper Highlights Significant Increases in Costs Impacting Auto Insurance

September 23, 2021 By CollisionWeek Editor

Insurance association warns that higher auto loss severity and rising claims frequency pushing costs up to levels not seen since 2017. Rising auto accident frequency and severity in the U.S. auto insurance market, combined with the challenges of balancing supply and demand for vehicles and vehicle parts following COVID-19, are resulting in increased claims costs […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Claim Frequency, Claim Severity

State Farm Reports Average Auto Hail Damage Claim $4,300 in 2020

April 7, 2021 By CollisionWeek Editor

Severe weather resulted in more than 332,000 hail claims paid by State Farm in 2020. While fewer claims than 2019, the amount paid on property and auto damage increased totaling more than $3.1 billion. Total Hail Claims Paid | Home & Auto Texas $474.6M Illinois $394.2M Minnesota $259.2M Missouri $236.9M Colorado $207.9M The average homeowner […]

Filed Under: News Tagged With: Claim Severity, Hail, State Farm

Interview: Susanna Gotsch, CCC Information Services

January 8, 2021 By CollisionWeek Editor

Susanna Gotsch interview

In our video interview, Gotsch details November and December claims trends and projections for 2021. While the collision industry was beginning to recover from the government mandated business shutdowns and stay-at-home orders that decimated traffic volume in the spring, the resurgence of the coronavirus in the fall and winter months is causing concern the recovery […]

Filed Under: Feature Tagged With: Advanced Driver Assistance Systems, AEB, CCC Information Services, Claim Frequency, Claim Severity, Interview

NSC Estimates U.S. Saw a 20% Jump in Motor Vehicle Death Rates in First Six Months of 2020 Despite Quarantines

September 15, 2020 By CollisionWeek Editor

Preliminary estimates from the National Safety Council (NSC) based on the first six months of data from all 50 states tell an erratic story about the nation’s driving behaviors and the impact of COVID-19 on roadway safety. The U.S. experienced an estimated 20% jump in the death rate – an indicator of how safely drivers […]

Filed Under: News Tagged With: Claim Severity, Coronavirus, GEICO, National Safety Council, Traffic Fatalities

UK Motor Claims Fell 48% in the Second Quarter Compared to First

September 2, 2020 By CollisionWeek Editor

The average claim value reached a record high. As expected, the number of motor insurance claims notified to insurers in the second quarter of the year fell significantly according to figures out today from the Association of British Insurers (ABI). The fall largely reflected the lockdown period, when far fewer vehicle journeys were made. Claim […]

Filed Under: News Tagged With: Association of British Insurers, Claim Frequency, Claim Severity, Coronavirus, United Kingdom

GEICO Reports Collision Claims Frequencies Were Down 24-26% in First Half of 2020

August 10, 2020 By CollisionWeek Editor

GEICO’s underwriting results

Collision severity up for first half. Overall premiums written were down 7% in the quarter and 1.1% for first six months. On August 8, Berkshire Hathaway Inc. reported its second quarter earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company’s quarterly report, GEICO generated pre-tax […]

Filed Under: News Tagged With: Berkshire Hathaway, Claim Frequency, Claim Severity, Earnings, GEICO

Collision Claims Up in Third Quarter of 2019

January 23, 2020 By CollisionWeek Editor

Auto physical damage indicators influencing collision repair industry volume improved during the third quarter of 2019 compared to the previous quarter. Loss cost continues to increase. According to the latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS), private passenger collision claims increased in the U.S. during the 12 months […]

Filed Under: Research Tagged With: Claim Frequency, Claim Severity, Claims, Losses

HLDI Reports Ford F-150 Repair Costs Remain Steady Despite Aluminum Parts

June 14, 2019 By CollisionWeek Editor

While repair costs have not increased due to aluminum, analysis shows longer time to repair vehicles and higher claim frequency. The Highway Loss Data Institute (HLDI) reports that Ford’s switch to aluminum for the body of the F-150 pickup hasn’t resulted in higher repair costs, in part because the company is pricing the aluminum parts […]

Filed Under: News Tagged With: Aluminum, Claim Frequency, Claim Severity, F-150, Ford Motor Company, Highway Loss Data Institute, Insurance Institute for Highway Safety

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