Search
 

State's Bad-Faith Reforms Have Reduced Auto Liability Costs By $200M

Based on BI claim frequency and severity loss trends, IRC finds that S.B. 418 has drastically reduced auto liability costs since enactment in 2005.

By Staff Writer | Updated on October 11, 2011

Today the Insurance Research Council (IRC) announced the results of its recent report analyzing the impact of third-party bad-faith reforms adopted in West Virginia.

Based on its findings, IRC estimates that the Third-Party Bad-Faith Act (S.B. 418) introduced by West Virginia state legislature has reduced underlying insurance coverage costs by about $200 million in the five-year period since the reforms were enacted.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.