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.
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.