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You are here: Home / Archives for Claims Severity

Mitchell Reports Primary Point of Impact Contributing to Differences in Claims Severity for Battery Electric and Internal Combustion Engine Vehicles

November 14, 2024 By CollisionWeek Editor

The latest Mitchell data shows that gasoline-powered automobiles are more likely than their electrified counterparts to sustain costly front-end damage in an accident. Mitchell, an Enlyte company, announced the release of its Q3 2024 Plugged-In: EV Collision Insights report. This issue provides an overview of the point-of-impact and severity differences between repairable battery electric vehicles […]

Filed Under: News Tagged With: Claims Severity, Electric Vehicles, Mitchell

GEICO Reports Underwriting Profit of $3.6 Billion

February 27, 2024 By CollisionWeek Editor

Loss ratio was 81% in 2023, down 12.1 percentage points from the previous year when the company reported a $1.88 billion pre-tax underwriting loss. Berkshire Hathaway reported its 2023 earnings on February 24, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S.   GEICO’s pre-tax underwriting earnings in […]

Filed Under: News Tagged With: Berkshire Hathaway, Claim Frequency, Claims Severity, Earnings, GEICO, Net Written Premiums

Auto Insurance Study Says Underwriting Losses Doubled Last Year

July 20, 2023 By CollisionWeek Editor

Insurance association says increased auto insurance claim costs will stretch into 2023 and beyond. A new study Auto Insurance: The Uncertain Road Ahead released by the American Property Casualty Insurance Association (APCIA), examines how insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Auto Body Repair Prices, Auto Insurance, Claims Severity, consumer price index

Collision Claims in First Quarter Up Compared to 2022

July 19, 2023 By CollisionWeek Editor

Claims in the first quarter of 2023 were up over 1% versus the same quarter in 2022. Losses were up over 41% compared to 2019. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that the post-pandemic rebound in claims restarted in the first quarter of 2023 and […]

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

AM Best Outlook on U.S. Personal Lines Insurance Segment Remains Negative

December 6, 2022 By CollisionWeek Editor

Personal auto physical damage loss ratios have deteriorated as severity has increased since the end of 2021. Innovative use of technology necessary to strengthen claims handling. AM Best announced today is maintaining its negative market segment outlook on the U.S. personal lines insurance segment for 2023, primarily due to significant deterioration in reported results for […]

Filed Under: News Tagged With: A.M. Best, Claims Severity

Allstate Reports Loss in Third Quarter Due to Higher Claims Costs, Reserve Reestimates and Lower Investment Income

November 3, 2022 By CollisionWeek Editor

Collision claim severity up 17% versus 2021. The Allstate Corporation (NYSE: ALL) reported total revenues of $13.2 billion in the third quarter of 2022 increased 5.8% compared to the prior year quarter reflecting a 9.8% increase in Property-Liability earned premium, partially offset by net losses on investments and derivatives in 2022 compared to net gains […]

Filed Under: News Tagged With: Allstate Insurance, Claims Severity, Earnings

Collision Claims Were Up Nearly 17% in First Quarter Compared to Last Year

August 4, 2022 By CollisionWeek Editor

First quarter claims remain over 4% below 2019 level. Losses up nearly 35% compared to 2019. The latest available Fast Track Monitoring system data from the Independent Statistical Service Inc. (ISS) showed that claims and losses in the first quarter of 2022 continued to rebound with claims nearing pre-pandemic levels and losses far above historic […]

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

Report Says Car and Truck Insurers Confront Rapidly Rising Claims Costs

October 4, 2021 By CollisionWeek Editor

S&P Global Market Intelligence’s annual U.S. Auto Insurance Market Report projects combined ratio at 4-year high in 2021. Sharply higher costs to repair and replace vehicles will cause insurance companies’ underwriting profit margins to narrow significantly, projects S&P Global Market Intelligence’s annual US Auto Insurance Market Report. Published by S&P Global Market Intelligence’s Financial Institutions […]

Filed Under: News Tagged With: Auto Insurance, Claims Severity, Combined Ratio

Collision Claims Down in Second Quarter

October 17, 2019 By CollisionWeek Editor

Auto physical damage indicators influencing collision repair industry volume declined during the second quarter of 2019 compared to the previous year. 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 decreased in the U.S. during the 12 months […]

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

UK Insurers Report Collision Repair Costs Up 5% in 2018

November 20, 2018 By CollisionWeek Editor

Association of British Insurers

Motor insurance pay-outs so far this year have reached a record level with over £23 million ($29.5 million) being paid every day, according to figures out today at the ABI’s Motor Conference. The pay-outs cover theft, own vehicle and third-party property damage, as well as personal injury compensation. Rising repair bills and theft claims are […]

Filed Under: News Tagged With: Association of British Insurers, Claims Severity, United Kingdom

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