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You are here: Home / Archives for Claim Severity

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

AM Best Report Personal Auto Insurers Combined Ratio Improves

March 29, 2019 By CollisionWeek Editor

Severity continues to increase, but frequency growth has leveled. The U.S. private passenger auto segment has experienced a turnaround after weakened performance in 2015-2016, as rate actions and underwriting initiatives resulted in a 3.8-point year-over-year improvement in the sector’s combined ratio in 2017, as well as a 4.7-point loss ratio reduction through third-quarter 2018, according […]

Filed Under: News Tagged With: Auto Insurance, Claim Frequency, Claim Severity

IIHS Report Raises Concern on Headlight Replacement Costs

November 29, 2018 By CollisionWeek Editor

IIHS Status Report

Latest edition of Insurance Industry for Highway Safety’s Status Report examines headlight performance and collision repair cost. Minor crashes can result in big headlight collision repair bills. The cover story in the latest edition of the Insurance Industry for Highway Safety (IIHS) Status Report examines improvements in headlight performance that, while benefiting safety, are often […]

Filed Under: News Tagged With: Claim Severity, Insurance Institute for Highway Safety, OEM Parts

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