Auto insurance report is flawed says PCI
A report by the Consumer Federation of America regarding auto insurance ratings is flawed as it does not compare like with like.
That’s according to the Property Casualty Insurers Association of America which highlights the large choice that consumers
have in the market and that they are able to shop around to get better deals if they aren’t happy with the premium quoted by their insurer.
In a statement, PCI vice president of policy development and research David Snyder says:
“The CFA’s latest study on auto insurance pricing is flawed and misleading. The central flaw in the report is that it fails to take into account that all the rating and underwriting factors insurers use are proven to increase the accuracy of predicting the risk of loss.”
He added that “without an ‘apples to apples’ comparison it is impossible to isolate the impact of individual factors as the CFA attempts to do by singling out a driver with a driving under the influence conviction. A component of one profile indicated that the driver went six months without insurance, which is a significant factor in predicting risk.”
Mr Snyder also pointed out that the rating factors are closely regulated and are based on predicted losses rather than the “social economic” metrics that have been suggested.
Healthcare liability claims moderately lower
Professional liability claims in the healthcare sector have continued to see a moderate decrease.
Data from
Aon Risk Solutions shows that there was a 1 per cent annual reduction in claims in its 2016 report produced in association with the American Society for Healthcare Risk Management.
“Risk Managers and Insurance Underwriters seek to find data that describes the general safety environment for a given hospital facility” said Dominic Colaizzo, Chairman of Aon’s National Health Care Practice.
“We found that there is, in fact, a correlation between patient safety and worker safety. Health care systems should be encouraged to know that investments in their general safety environment benefit both workers and patients,” he added.
Those facilities with better Total Performance Scores (as measured by the Centers for Medical & Medicaid Services) tend to have lower frequency of professional liability claims.
Projected loss rate for hospital professional liability is $2,620 per occupied bed equivalent (OBE) for events occurring in 2017. The frequency of claims is projected to be 1.55 per 100 OBE and the severity of claims is expected to be $169,000 per claim.
Economical Insurance donates $17,000 for prostate cancer awareness
Economical Insurance has donated $17,000 to help raise awareness of prostate cancer in Atlantic Canada.
The insurer is sponsoring the Wake Up Call Breakfast events organized by Prostate Cancer Canada this week.
"We want to help men over 40 understand that their best chance of surviving prostate cancer is early detection," said Karen Kaminska, Regional Vice-President, Sales and Distribution, Atlantic Canada for Economical Insurance.
