Top 10 Contents Claims in 2010
Of the many claims that U.S. property insurers reported in 2010, electronics, jewelry and apparel top the list.
Insurance Networking News, May 19, 2011
Electronics, jewelry and apparel top the list of contents categories as compiled from claims filed with insurers in 2010, according to Enservio’s newest Contents Claims Index (CCI).
The index aggregates and analyzes contents claims reported by more than 200 U.S. property insurers, and consists of more than 2,000 categories and subcategories of millions of personal and business items.
The index provides insights into contents claims trends on more than 14 million individually appraised personal and business items claimed by insured as lost, damaged or stolen.
Jon McNeill, Enservio CEO, says carriers can leverage this insight to “improve the accuracy of contents claims while also identifying new product development and business growth opportunities.”
Top contents categories as compiled from claims filed with insurers in 2010 (ranked by dollar value as a percent of total claims):
5. Home goods—9.14%
8. Sporting goods—3.54%
9. Music and Movies—2.66%
10. Bed and Mattress—2.50%
A closer look at the subcategories within the top 10 provides insights into consumer lifestyle, purchasing habits and behavior. Claims for televisions (23.70%) and laptop computers (16.81%) dominated the electronics category. Desktop computers rank third at 7.39%. The considerable drop-off from laptops to desktops reveals the growing popularity of portable computing devices.
The 2010 CCI shows a significant increase in jewelry claims during the past two years of the recession, showing that claims for high-value items tends to increase during economic downturns. Rings, watches and necklaces top the list of jewelry items claimed.
The CCI also revealed the following contents claims trends:
• Jewelry claims are more prevalent on the West Coast
• Claims for books and magazines are more prevalent in the east than in other areas of the country
• Claims for tools are more prevalent in the Midwest
• The value of claims made for women’s and men’s shoes are nearly equal at 7.08% and 7.06%, respectively
• Bicycles and golf clubs are among the most commonly stolen items
• Many higher-end bicycles exceed the value of scheduled jewelry
• Refrigerators account for nearly as much value as clothes washers, dryers and ranges combined
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