In time for the June 30 renewal period, we have just released the latest claim survey results.
We wish to thank all the participants who completed LMI’s most recent industry survey, which, we have now collated and used to review the current ratings by product and brand. We had report across 28 Product Classes which totals 653 entries.
There was a total of 55 changes with 16 entries being removed due to recent mergers and acquisitions, which reduced the total number of entries to 637.
There were several new entrants to the survey, however, due to the low statical count we have not included these brands in this survey, but we look forward to including them in the future as we capture more data.
In this survey round 598 entries maintained their existing rating, while 16 entries improved their overall claims rating. Well done on those involved. To see this improvement is line with one of the primary aims of the service, that is to drive improvement.
However, 23 entries showed a reduction in their overall rating. We suspect we will recive some please explains but all we can say is please do not shoot the messenger.
This survey does not include the performance of the industry during the current round of catastrophe claims management but we are sure it will feature in the next.