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.

  • Corporate Authors:

    All-Industry Research Advisory Council

    1200 Harger Road, Suite 222
    Oak Brook, IL  United States  60521
  • Publication Date: 1984-7

Media Info

  • Features: Appendices; Figures; Tables;
  • Pagination: 40 p.

Subject/Index Terms

Filing Info

  • 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