average cost per claim

average cost per claim

The total cost of administrative and/or medical services divided by the number of units of exposure (e.g., costs divided by number of admissions, cost divided by number of outpatient claims, etc.).
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Also, analysis of 2014 incident and workers' comp loss data found that slip & fall incidents were the second-highest injury frequency type (12% of all work-related injury claims and 18% of total incurred cost, with an average cost per claim of $16,326).
"The average cost per claim dropped 4.7% from 2015 to 2016," said James Lynch, FCAS MAAA, chief actuary at the I.I.I.
And the average cost per claim for injuries inflicted by man's best friend was $37,214 in 2015, up 16% from the prior year, according to the Insurance Information Institute and State Farm.
A plethora of benchmarks is not indicated, but three or four measuring tools such as average length of time a claim is open, average cost per claim, accuracy of reserving (loss development) and response time to new claims are indicated.
found that while the number of dog bite claims nationwide decreased 7.2 percent in 2015, the average cost per claim for the year was up 16 percent.
Nevertheless, the general trend over time has been a reduction in claim frequency and an increase in the average cost per claim. But the average cost of approximately $5,000 per general liability claim belies the fact that these injuries can be serious and lead to significant sums.
The Insurance Information Institute (III) said insurers paid out $412 million for dog-bite claims in 2010, and the average cost per claim has steadily increased.
The rise in occurrences, as well as the increased average cost per claim, has affected Commercial Travelers' claims experience, AM Best added.
Also, see www.InsuringFlorida.org for her insurance blog, "Straight Talk." Homeowners' Insurance Claims and Payout for Lightning Losses in the U.S., 2004-2009 2004 2005 2006 2007 Number of paid claims 278,000 265,700 256,000 177,100 Insured losses ($ millions) $735.5 $819.6 $882.20 $942.4 Average cost per claim $2,646 $3,084 $3,446 $5,321 Percent change, 2008 2009 2004-2008 Number of paid claims 246,200 185,789 -33.2% Insured losses ($ millions) $1,065.5 $798.2 8.5% Average cost per claim $4,329 $4,296 62.4% Source: Insurance Information Institute.
The average cost per claim, however, has plummeted, from $37,283 in 2000, to $9,549 in 2001, to $8,746 in 2002, to $4,236 in 2003 and a stunning $2,088 last year.
"And the average cost per claim for Advantage90 utilization has consistently remained below the cost of mail utilization."