CRIME LOSSES IN PROPERTY-CASUALTY INSURANCE
This study of the size and characteristics of insured crime losses in the United States is based on insured loss data gathered by property-casualty insurance companies and reported to the Insurance Services Office (ISO). ISO consolidated insurer data on all losses during 1979-81 to focus on the problem of crime. Major findings are as follows: (1) Crime-related losses are conservatively estimated to account for 12.1% of all insured property-casualty industry losses during the three year period 1979-81; (2) Excluding commercial auto crime losses, known crime losses increased 43.4% from $3.97 billion in 1979 to $5.70 billion in 1981 in the United States; (3) The homeowners multiperil insurance line accounted for the largest share of crime losses; (4) The private passenger auto physical damage line accounted for the second largest source of insured crime losses during the period; (5) Together the homeowners multiperil, other personal lines and private passenger auto insurance lines accounted for 64.4% of all insured crime losses during the three year period; (6) Looking at the distribution of crime losses by type of crime, in 1981, home and business theft accounted for $2.39 billion, or nearly 40% of overall losses; (7) Focusing on those losses which can be pinpointed by state, identifiable crime losses accounted for 7.0% of countrywide property-casualty industry insured losses during 1979, 8.3% in 1980, and 8.5% in 1981; (8) There were noticeable variations in the patterns of crime loss on a regional basis in the United States; (9) For 1979-81, insured crime losses averaged $62 per household annually in the United States; (10) The degree of unemployment and the size of the 21-44 year old population relative to total population were found to be significant factors in crime loss variations among states.
All-Industry Research Advisory Council1200 Harger Road, Suite 222
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- Publication Date: 1984-7
- Features: Appendices; Figures; Tables;
- Pagination: 40 p.
- TRT Terms: Costs; Crimes; Insurance; Insurance industry; Loss and damage; Losses; Motor vehicles; Property
- Uncontrolled Terms: Property damage
- Subject Areas: Finance; Safety and Human Factors; Security and Emergencies;
- Accession Number: 00394718
- Record Type: Publication
- Source Agency: National Highway Traffic Safety Administration
- Report/Paper Numbers: HS-037 812
- Files: HSL, USDOT
- Created Date: Jun 30 1985 12:00AM