Insured Losses

Facts + Statistics: Deer vehicle collisions

During deer season, which generally runs from October through December, there is a dramatic increase in the movement of the deer population. Many of these deer find their way onto highways and into suburban neighborhoods. As a result, more deer-vehicle collisions occur in this period than at any other time of year.  

Ride-sharing and insurance: Q&A

Q: What is ride-sharing and why is it getting so much attention from insurance companies?

A: Ride-sharing companies provide taxi-like services by connecting passengers to drivers via a smart phone app. Rides can be arranged in advance or on short notice.

 

Facts + Statistics: Auto theft

Motor vehicle theft

The FBI includes the theft or attempted theft of automobiles, trucks, buses, motorcycles, scooters, snowmobiles and other vehicles in its definition of motor vehicle theft. About $5.9 billion was lost to motor vehicle theft in 2016. The average dollar loss per theft was $7,680. Motor vehicles were stolen at a rate of 236.9 per 100,000 people in 2016, up 7.6 percent from 2015 but down 35.1 percent from 2007.

Background on: No-fault auto insurance

The Topic

The term "no-fault" auto insurance is often used loosely to denote any auto insurance program that allows policyholders to recover financial losses from their own insurance company, regardless of fault. But in its strictest form no-fault applies only to state laws that both provide for the payment of no-fault first-party benefits and restrict the right to sue, the so-called “limited tort” option. The first-party (policyholder) benefit coverage is known as personal injury protection (PIP).

Facts + Statistics: Hail

Hail causes about $1 billion dollars in damage to crops and property each year, according to the National Oceanic Atmospheric Administration (NOAA). Events involving wind, hail or flood accounted for $19.9 billion in insured catastrophe losses in 2015 dollars from 1996 to 2015 (not including payouts from the National Flood Insurance Program), according to Property Claim Services (PCS®), a Verisk Analytics® business.