Components of automobile BI claims

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  • #2448
    Mayhem
    Participant

    Hello, I’m trying to get info on how auto BI claims inflation break down into different components. For example, can you say on average that auto BI claim inflation are 60% medical cost inflation, 30% wage inflation, and 10% legal cost inflation? Any info you can offer would be appreciated. Thanks.

    #3727
    Jerry Tuttle
    Participant

    I think the choices are your own company’s data and industry data.  In either case, you need some way of gathering claims data that has separate amounts for medical, wage, and legal.  Perhaps you can scrape this from your company claims files.  Otherwise, there are periodic industry closed claims studies that capture this.

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