Claims News Service, Jan.10, 9:35 a.m. EST -- Insurance buyers see increasing value from reducing their total cost of risk across multiple lines of commercial insurance, according to a new survey commissioned by Wausau Insurance, a national property and casualty insurance company.

Eighty-one percent (up from 70 percent last year) of commercial insurance buyers said they saved at least one dollar in lost productivity expenses for every dollar saved by reducing workers' compensation claim expenses. And three-fourths (up from 60 percent last year) of respondents said they save at least a dollar in lost productivity expenses (and related uncovered loss of value) for each dollar saved by reducing claim costs for general liability, property, and commercial auto lines.

According to the survey, respondents said they saved at least two dollars in lost productivity expenses for every dollar saved by reducing claim expenses for all four lines of coverage. For the second year in a row, respondents said they get somewhat higher lost-productivity savings from workers' compensation than from the other three lines of coverage, although the gap is narrowing.

Lastly, executives from upper mid-sized companies (more than 500 employees) report much higher productivity savings by reducing claim costs in all lines than executives from lower mid-sized companies (between 100-500 employees).

The complete poll can be viewed on the company's web site at www.wausau.com/poll.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.