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Economy pushing up claims in US: survey
19 February 2010
The unsettled economy is having a big effect on claim operations in the US, according to a survey conducted by global professional services company Towers Watson.
The unsettled economy is having a big effect on claim operations in the US, according to a survey conducted by global professional services company Towers Watson.
Rising loss costs, increased levels of litigation, higher rates of fraudulent claims and pressure on insurers’ expense management and expense-related claim performance metrics are all taking their toll, said 52 property/casualty claim officers that responded to the survey. Personal lines carriers noted higher claim frequency than commercial insurers, including homeowners (52%) and auto (45%). For commercial carriers, 20% of general liability and 18% of commercial auto lines carriers saw increases...
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