Ineffective Liability And Injury Assessment: Causes And Effects

 Tuesday, October 22, 2019

 mPower by Mitchell

The cost of automobile accidents has risen significantly over the past few years. From 2015 to 2017, bodily injury loss costs increased by 12.4 percent, property damage by 11.4 percent and personal injury protection by 6.4 percent, according to the Insurance Information Institute.

In comparison, consumer prices rose 3.4 percent overall over that same time range.

Additionally, collision claim frequency has been increasing since 2010, and bodily injury severity is expected to continue to rise over the next five years as medical inflation is projected to surge, according to the Insurance Information Institute.

As the market faces these rising claim costs, frequency and severity, it is becoming increasingly more important that claims organizations perform consistent and accurate liability and general damages assessments.