Healthcare Industry

THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE HEALTHCARE INDUSTRY

The healthcare industry is a prime recipient of claims filed under auto, workers compensation and other liability insurance policies.

WORKERS COMPENSATION BENEFITS, COVERAGE AND COSTS, 2010-2011

  2010 2011 Percent change
Covered workers (000) 124,454 125,833 1.1%
Covered wages ($ billions) $5,820 $6,049 3.9
Workers compensation benefits paid ($ billions) 58.2 60.2 3.5
     Medical benefits 28.6 29.9 4.5
     Cash benefits 29.6 30.3 2.6
Employer costs for workers compensation ($ billions) 71.9 77.1 7.1

Source: National Academy of Social Insurance.

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PRIVATE PASSENGER AUTO INSURANCE LOSSES, 2003-2012 (1)

  Liability
  Bodily injury (2) Property damage (3)
Year Claim
frequency (4)
Claim
severity (5),(6)
Claim
frequency (4)
Claim
severity (5)
2003 1.12 $11,135 3.84 $2,558
2004 1.11 11,640 3.75 2,596
2005 1.04 12,282 3.55 2,717
2006 0.98 12,907 3.40 2,796
2007 0.90 13,361 3.46 2,847
2008 0.91 14,067 3.42 2,903
2009 0.89 13,891 3.49 2,869
2010 0.91 14,406 3.53 2,881
2011 0.92 14,848 3.56 2,958
2012 0.95 14,653 3.50 3,073
  Physical damage  (7)
  Collision Comprehensive (8)  
Year Claim
frequency (4)
Claim
severity (5)
Claim
frequency (4)
Claim
severity (5)
2003 5.13 $2,921 2.76 $1,324
2004 4.85 3,080 2.46 1,417
2005 5.04 3,067 2.38 1,457
2006 4.87 3,194 2.40 1,528
2007 5.20 3,109 2.48 1,524
2008 5.35 3,005 2.57 1,551
2009 5.48 2,869 2.75 1,389
2010 5.69 2,778 2.62 1,476
2011 5.75 2,861 2.79 1,490
2012 5.56 2,950 2.62 1,585

(1) For all limits combined. Data are for paid claims.
(2) Excludes Massachusetts and most states with no-fault automobile insurance laws.
(3) Excludes Massachusetts, Michigan and New Jersey.
(4) Claim frequency is claims per 100 car years. A car year is equal to 365 days of insured coverage for one vehicle.
(5) Claim severity is the size of the loss, measured by the average amount paid for each claim.
(6) Includes loss adjustment expenses.
(7) Excludes Massachusetts, Michigan and Puerto Rico. Based on coverage with a $500 deductible.
(8) Excludes wind and water losses.

Source: ISO, a Verisk Analytics company.

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