What You Don’t Know About Insurance Claims

If you’re looking for the top insurance claims, then you’ve come to the right place. Here you’ll learn about the most common claims made by businesses and their insurance carriers. Listed below are the most common types of insurance claims. insurance adjuster near me offers excellent info on this. To avoid a similar situation, you can protect your business by taking action now to prevent a disaster from occurring. And, of course, insurance is not cheap. So, make sure to do your research before making any big purchases.

Digitalization of the claims process can be a powerful tool for insurers. For example, one large North American insurer has implemented a photo-based claims app that inspects 70 percent of cars and enables body-shop repairers to video-chat with claims adjusters. The company reported an increase in net promoter scores and a reduction in its loss ratio because of this innovation. Insurers are seeing dramatic results from implementing new digital levers.

Fire/explosion, theft, and natural disasters are the leading causes of insurance claims by value. Despite rising property values and complex supply chains, companies and insurers continue to face high-value claims. Fire and explosion are the most common causes of business insurance losses, but wildfires also account for a significant proportion of insurance claims. In five years, fire/explosion has resulted in EUR18 billion in corporate insurance losses. The average claim for this category is EUR1.5 million.

During the first wave of the pandemic, Covid treatment claims accounted for 30% of all health claims, but these numbers dropped to 31% by the end of the December quarter. Meanwhile, as the first wave died down, the share of elective procedures increased and Covid hospitalisation claims dropped to 14% of total health claims. The second wave of the pandemic saw a large increase in private treatment, while the share of hospitalisation cases dropped.

Some of the most common insurance claims are easily avoidable. Distracted driving doubles the risk of a crash, so try to avoid it as much as possible. Instead, try to limit your cell phone usage while driving by reading text messages. You may even want to consider getting a passenger to read your messages for you. Another way to stay distracted is to use a “Do Not Disturb” setting on your smart phone. You may even be able to find ways to reduce your risk of an accident by getting help from the passengers.

Contact Info

Phillips & Associates, Inc.
1300 Hwy 15
Madison, MS 39110
Phone No. : 601-956-5650