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Auto Insurance Industry Overlooked $16 Billion in Premium Losses
Premium rating error report by Quality Planning concludes auto insurers could boost profits by paying more attention to miles driven by customers
Quality Planning, the ISO company that validates policyholder information for auto insurers, released Dec. 4 its annual premium rating error report. Quality Planning estimates that these errors resulted in the loss of $16.1 billion of auto insurance premium revenues in 2007 – slightly down from the 2006 figure of $16.6 billion, but still almost 10 percent of the total $162 billion in personal auto premium written. Two primary reasons are identified for rating error: consumer fraud and the inability of insurers to keep track of key lifestyle and driving habits of their customers.
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