Riskonnect, the leader in integrated risk management (iRM) solutions, today announces a new Claims Trends Watch highlighting U.S. macro-level incident and insurance market insights. Organizations can use the findings to benchmark performance against industry peers, follow evolving market dynamics, and make faster, smarter insurance coverage decisions.
Based on aggregated U.S. property and casualty incident data from over 400 organizations across 20 industries, Riskonnect uncovered noteworthy insights, including:
- Total incident volume is down 34% from April 2019 to April 2020, due to the dramatic drop in employees going into the workplace.
- General liability incidents are 33% lower, as people spend less time at retailers and other public places, which reduces the risk of slip and fall incidents, property damage, and other personal injuries.
- Auto liability incidents are declining by 58% as shelter-in-place orders spur a sharp decrease in overall mileage and accident frequency.
- Workers’ compensation incidents are up 3% overall from January – April 2020, even with the shift to a mostly remote work environment. Without factoring in COVID-19-related incidents, volume in April 2020 declined by 32% compared to April 2019.
“Pandemic-driven volatility is impacting every aspect of business, including the incidents and insurance markets. While the total number of incidents is currently declining, which is good news for businesses that tend to face high-dollar claims, we expect to see an increase in the coming weeks as local economies re-open,” said Andrea Brody, chief marketing officer at Riskonnect. “We created this new series to help organizations understand evolving trends in the market, how their incident volume compares to peers, and where there could be new opportunities to save money and reduce risk.”
The Claims Trends Watch will be updated quarterly, with the next installment focused on incident trends across industries.
For more information on the series and how Riskonnect can help with claims administration, please visit the blog.
Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 900 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 500 risk management experts in the Americas, Europe, and Asia. To learn more, visit www.riskonnect.com.