Tag: claims statistics

Homeowners insurance costs from U.S. claims experiencing rapid growth

H. Cutner
homeowners insurance

A report has shown that the costs have skyrocketed over the last decade and a half. A new report is suggesting that the costs associated with homeowners insurance claims in the United States have been rapidly on the rise over the last 15 years, particularly because of the increasing frequency and severity of the filings that are being made. The report shows the results of a study performed by the Insurance Research Council. It was entitled “Trends in Homeowners Insurance Claims,” and it examined the trends in claims that were…

Read More

Report shows insurance fraud is skyrocketing

The Association of British Insurers (ABI) has released a report with statistics indicating that there was an increase of 9 percent in fraudulent insurance claims between 2009 and 2010. The report showed that in 2010, there were approximately 133,000 fraudulent claims, with a value of £919 million. This indicates that there are an average of 2,500 false claims made every week by the public. In fact, over the past five years, the value and quantity of detected fake insurance claims has increased by 100 percent. It is estimated that the…

Read More

NICB reveals top cities and states known for suspicious insurance claims

The National Insurance Crime Bureau (NICB) has released a report that has indicated that almost half of all of the suspicious property/casualty insurance claims made to insurance companies come from California, New York, Texas, Florida, and Michigan. In fact, those five states alone make up 49 percent of the total number of “questionable claims” in the entire country, according to the NICB’s calculations, as presented in the report. The NICB’s definition of a questionable claim is one that is passed on to the NICB by insurance companies who are members…

Read More

Allstate loses over $2 Billion in period between April and May

Allstate Corp., has announced that in the two month span between April and May, its catastrophe losses were greater than $2 billion.  According to Allstate, which is the biggest publically traded home and auto insurance company in the United States, the losses within these two months matched that of their losses for the entire 2010 year – which totaled $2.21 billion.  This was primarily the result of massive devastation due to severe thunderstorms and tornadoes.  In fact, April and May 2011 have now become one of the worst two-month periods…

Read More