Real Estate Malpractice Insurance Report
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- Nora Hudson
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1 2013 Missouri Real Estate Malpractice Insurance Report Statistics Section August 2014 DIFP Jeremiah W. (Jay) Nixon Governor Department of Insurance, Financial Institutions & Professional Registration John M. Huff Director
2 MISSOURI REAL ESTATE MALPRACTICE INSURANCE REPORT 2013 Department of Insurance, Financial Institutions & Professional Registration Statistics Section August 2014
3 Other Publications Available from the Missouri Department of Insurance, Financial Institutions & Professional Registration The Department of Insurance, Financial Institutions & Professional Registration publishes the following reports. 1. Missouri Complaint Index Report summary information: 2. Missouri Department of Insurance Annual Report summary information: 3. Missouri Life, Accident & Health Supplement Data summary information: 4. Missouri Market Share Data summary information: 5. Missouri Medical Malpractice (Closed Claim) Report summary information: 6. Missouri Product Liability (Closed Claim) Report summary information: 7. Missouri Property & Casualty Supplement Report summary information: 8. Missouri Real Estate Malpractice (Closed Claim) Report summary information: 9. Mortgage Guaranty Report summary information: Missouri Health Maintenance Organization Report summary information: Databases: For more information: 1. Medicare Supplement Experience Data 2. Commercial Liability Experience Data 3. Missouri Zip Code Insurance Data for: Homeowners/Dwelling Fire, Farmowners (dwelling only), Mobile Home, Earthquake, and Private Passenger Automobile Some data is available to the public for a fee by special request only. For additional information, contact the Statistics Section at (573)
4 DEFINITION OF TERMS Market Share: The dollar amount of direct premium written by an insurer divided by the total amount of direct premiums written industry-wide for the particular line of business being analyzed, expressed as a percentage. Written Premium: Amount charged when a policyholder contracts for insurance coverage before reinsurance has been ceded and/or assumed. Earned Premium: The part of premium attributable to the coverage already provided, in a given period, before reinsurance has been ceded and/or assumed. Incurred Losses: The sum of direct losses paid, plus an estimate at the close of the year of the amounts to be paid in the future, for all claims arising from the current and all prior years, minus the corresponding estimate made at the close of business for the preceding year. Incurred losses reported include estimated amounts unpaid for incurred-but-not-reported (IBNR) claims. Loss Ratio: The dollar amount of direct losses incurred divided by the dollar amount of premiums earned for the particular line of business being analyzed, expressed as a percentage. This is an accounting representation of the portion of each premium dollar which is needed to honor a company s promise to pay claims. Indemnity Paid: The sum of all payments made during the year for the benefit of insurance claimants, before reinsurance has been ceded and/or assumed. These payments include amounts paid in the current year for claims arising from the current year. Hence, this item is not a measure of the actual cost of current coverages, but only of current cash flows. Loss Adjustment Expenses: The cost involved in an insurance companies adjustment of losses under a policy.
5 Real Estate Malpractice Insurance Report Executive Summary This report summarizes Missouri real estate malpractice data for 2004 to The charts, graphs and tables are limited to closed claim information and were constructed from data collected by the department as required by Section RSMo. The premium and loss data are presented in the final section. The data were obtained from the Missouri Page 19 Supplement to the companies annual statements. In 2013, real estate malpractice insurers reported claim losses equal to 33 percent of premium, and paid defense costs equal to 54 percent of premium. Together, losses plus defense costs totaled 87 percent of earned premium. This figure totaled 161 percent over the past five years, and 102 percent over the prior ten years. In 2013, 59 claims against realtors were closed, of which 29 were closed with payment. Claim payments averaged $20,547, while defense costs averaged $24,171. Over the last ten years, insurers paid claims totaling $3.1 million, and defense costs equal to $6.8 million. During the same period, 799 real estate malpractice claims were closed in Missouri of these 31 percent resulted in a payment. The number of claims closed in 2013 (59 claims) was significantly lower than ten-year high in 2005 (124 claims). In Section II, indemnity amounts are categorized by claim characteristics, including: Area of real estate in which the claims were filed. Major activity in which the agent was engaged when the alleged error or omission occurred. Alleged error or omission that was the most significant reason for the claim.
6 The legal disposition of the claim at the closing date. The number of years the insured had been in practice at the time of the alleged error or omission. The relationship of the insured to the claimant. Seven companies reported writing real estate malpractice insurance business in Missouri during 2013 with Continental Casualty Company commanding 65 percent of the market. This report was compiled using information submitted by the insurance companies. As a result, the accuracy of this report is dependent upon the accuracy of each company s data. Copies of this report will be made available in braille, large print or on audio cassette upon request. Questions regarding this report should be directed to the Statistics Section, Department of Insurance, Financial Institutions & Professional Registration, P.O. Box 690, Jefferson City, Missouri The Missouri Department of Insurance, Financial Institutions & Professional Registration is an equal opportunity employer.
7 TABLE OF CONTENTS SECTION DESCRIPTION PAGE I TEN YEAR SUMMARY 3 II INDEMNITY SUMMARY Area of Real Estate - Ten Year and 2013 Summary 9 Area of Real Estate Trends of Major Activity - Ten Year and 2013 Summary.. 17 Major Activity Trends of Alleged Error or Omission - Ten Year and 2013 Summary. 27 Alleged Error or Omission Trends of Claim Disposition - Ten Year and 2013 Summary.. 37 Claim Disposition Trends of Years Admitted to Practice - Ten Year and 2013 Summary.. 49 Years Admitted to Practice Trends of Insured/Claimant Relationship - Ten Year and 2013 Summary 59 Insured/Claimant Relationship Trends of III PREMIUM AND LOSS DATA 67
8
9 TEN YEAR SUMMARY ( ) 1
10 2
11 REAL ESTATE MALPRACTICE INSURANCE TEN YEAR SUMMARY CLOSED CLAIMS NUMBER OF CLAIMS PERCENT OF CLAIMS TOTAL INDEMNITY PAID AVERAGE INDEMNITY PAID TOTAL LOSS EXPENSES PAID AVERAGE LOSS EXPENSE PAID All Closed Claims % $3,051,439 $3,819 $6,798,043 $8,508 Closed with Payment % $3,051,439 $12,354 $4,268,026 $17,279 Closed without Payment % $0 $0 $253,017 $4,583
12 MISSOURI REAL ESTATE MALPRACTICE INSURANCE Average Paid Claim $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ ALL CLOSED CLAIMS $751 $2,826 $1,464 $3,516 $2,387 $5,106 $6,493 $2,770 $4,922 $10,100 CLOSED WITH PAYMENT $4,306 $12,513 $7,319 $11,001 $11,802 $11,730 $18,463 $8,425 $8,204 $20,547 Average Paid Loss Adjustment Expense $33,000 $30,000 $27,000 $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ ALL CLAIMS $2,279 $3,948 $7,153 $5,650 $4,918 $9,941 $11,557 $18,530 $18,037 $13,846 CLOSED WITH PAYMENT $7,181 $13,527 $11,335 $13,901 $9,476 $15,907 $28,171 $17,226 $20,935 $24,171 CLOSED WITHOUT PAYMENT $1,243 $1,154 $6,107 $1,775 $3,762 $5,343 $2,546 $19,168 $13,691 $3,865 4
13 MISSOURI REAL ESTATE MALPRACTICE INSURANCE Claim Count Number of Claims CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT TOTAL
14 6
15 TEN YEAR SUMMARY & 2013 SUMMARY BY AREA OF REAL ESTATE 7
16 8
17 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS FOR YEARS AREA OF REAL ESTATE ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS AS AGENT TO PROCURE PURCHASE OF PROPERTY % $11,819 $2,198, % $7,226 AS AGENT TO PROCURE PROPERTY TO PURCHASE % $13,984 $853, % $12,454 TOTAL % $12,354 $3,051, % $8,508
18 AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS AS AGENT TO PROCURE PURCHASE OF PROPERTY % $12,814 $217, % $10,036 AS AGENT TO PROCURE PROPERTY TO PURCHASE % $31,503 $378, % $22,524 TOTAL % $20,547 $595, % $13,846 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS CLAIMS CLOSED IN AREA OF REAL ESTATE ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY
19 AREA OF REAL ESTATE TRENDS OF
20 12
21 AS AGENT TO PROCURE PURCHASE OF PROPERTY (Seller) Average Paid Indemnity & Average Loss Expense $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $4,571 $10,808 $9,190 $12,610 $11,164 $13,987 $17,892 $8,414 $8,139 $12,814 AVG LOSS EXPENSE $2,111 $3,745 $4,835 $6,291 $4,849 $9,941 $13,032 $6,672 $18,785 $10,036 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
22 AS AGENT TO PROCURE PROPERTY TO PURCHASE (Buyer) Average Paid Indemnity & Average Loss Expense $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ AVG PAID INDEMNITY $3,575 $18,767 $4,700 $6,376 $16,910 $5,635 $21,550 $8,500 $8,365 $31,503 AVG LOSS EXPENSE $2,667 $4,713 $12,154 $3,804 $5,187 $9,944 $5,970 $57,589 $15,877 $22,524 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
23 TEN YEAR SUMMARY & 2013 SUMMARY BY MAJOR ACTIVITY 15
24 16
25 LISTING THE PROPERTY FOR SALE % $10,466 $1,486, % $7,217 SHOWING PROPERTY % $11,998 $731, % $11,207 CLOSING AND TRANSFERRING TITLE % $18,940 $833, % $8,840 TOTAL % $12,354 $3,051, % $8,508 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS FOR YEARS MAJOR ACTIVITY CODE ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
26 LISTING THE PROPERTY FOR SALE % $11,103 $144, % $9,669 SHOWING PROPERTY % $18,882 $207, % $17,247 CLOSING AND TRANSFERRING TITLE % $48,767 $243, % $18,984 TOTAL % $20,547 $595, % $13,846 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS CLAIMS CLOSED IN MAJOR ACTIVITY CODE ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
27 MAJOR ACTIVITY TRENDS OF
28 20
29 LISTING THE PROPERTY FOR SALE Average Paid Indemnity & Average Loss Expense $27,000 $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $5,531 $6,254 $8,266 $12,365 $10,750 $15,531 $13,744 $7,356 $8,805 $11,103 AVG LOSS EXPENSE $2,221 $3,892 $4,819 $6,240 $5,137 $11,248 $11,286 $6,256 $23,208 $9,669 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
30 SHOWING PROPERTY Average Paid Indemnity & Average Loss Expense $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ AVG PAID INDEMNITY $3,222 $21,123 $7,200 $8,152 $12,040 $7,289 $18,275 $11,300 $7,523 $18,882 AVG LOSS EXPENSE $2,161 $3,497 $12,237 $3,393 $5,331 $8,089 $9,184 $47,851 $12,940 $17,247 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
31 CLOSING AND TRANSFERRING TITLE Average Paid Indemnity & Average Loss Expense $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ AVG PAID INDEMNITY $1,000 $35,199 $5,250 $8,662 $16,350 $7,222 $28,656 $9,333 $6,733 $48,767 AVG LOSS EXPENSE $3,332 $5,092 $5,906 $6,893 $2,853 $8,064 $16,354 $10,002 $8,447 $18,984 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
32 24
33 TEN YEAR SUMMARY & 2013 SUMMARY BY ALLEGED ERROR OR OMISSION 25
34 26
35 FAILURE TO DISCLOSE MATERIAL FACT % $10,931 $2,022, % $9,554 OTHER % $16,040 $673, % $4,881 FAILURE TO CORRECTLY COMPLETE FORMS % $17,779 $355, % $11,581 TOTAL % $12,354 $3,051, % $8,508 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS FOR YEARS ALLEGED ERROR OR OMISSION ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
36 FAILURE TO DISCLOSE MATERIAL FACT % $13,955 $265, % $13,218 OTHER % $16,898 $101, % $9,028 FAILURE TO CORRECTLY COMPLETE FORMS % $57,334 $229, % $29,869 TOTAL % $20,547 $595, % $13,846 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS CLAIMS CLOSED IN ALLEGED ERROR OR OMISSION ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
37 ALLEGED ERROR OR OMISSION TRENDS OF
38 30
39 FAILURE TO DISCLOSE MATERIAL FACT ABOUT THE PROPERTY Average Paid Indemnity & Average Loss Expense $30,000 $27,000 $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $4,304 $6,340 $8,938 $10,734 $12,307 $12,533 $16,695 $8,685 $8,487 $13,955 AVG LOSS EXPENSE $3,038 $4,380 $7,250 $6,894 $6,097 $10,697 $8,475 $25,668 $24,875 $13,218 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
40 OTHER Average Paid Indemnity & Average Loss Expense $60,000 $54,000 $48,000 $42,000 $36,000 $30,000 $24,000 $18,000 $12,000 $6,000 $ AVG PAID INDEMNITY $2,125 $29,939 $6,347 $14,000 $13,516 $7,167 $46,667 $8,500 $7,638 $16,898 AVG LOSS EXPENSE $623 $3,267 $7,649 $1,445 $3,253 $8,043 $9,496 $2,516 $9,903 $9,028 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
41 FAILURE TO CORRECTLY COMPLETE FORMS TO TRANSFER OWNERSHIP Average Paid Indemnity & Average Loss Expense $66,000 $60,000 $54,000 $48,000 $42,000 $36,000 $30,000 $24,000 $18,000 $12,000 $6,000 $ AVG PAID INDEMNITY $6,500 $14,000 $7,000 $12,500 $7,667 $9,125 $5,583 $3,000 $0 $57,334 AVG LOSS EXPENSE $593 $2,832 $5,394 $6,738 $1,511 $9,923 $41,244 $4,414 $0 $29,869 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
42 34
43 TEN YEAR SUMMARY & 2013 SUMMARY BY CLAIM DISPOSITION 35
44 36
45 BEFORE TRIAL OR HEARING % $11,563 $2,127, % $16,324 BEFORE FILING SUIT OR DEMANDING HEARING % $8,195 $442, % $1,545 CLAIM OR SUIT ABANDONED % N/A $0 0.00% $1,059 AFTER JUDGMENT, BEFORE APPEAL % $64,052 $320, % $17,654 DURING TRIAL OR HEARING % $70,000 $140, % $16,868 AFTER TRIAL OR HEARING, BEFORE JUDGMENT % $10,500 $21, % $10,058 AFTER APPEAL % N/A $0 0.00% $26,188 DURING APPEAL % N/A $0 0.00% $0 TOTAL % $12,354 $3,051, % $8,508 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS FOR YEARS CLAIM DISPOSITION ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
46 BEFORE TRIAL OR HEARING % $14,689 $293, % $16,393 BEFORE FILING SUIT OR DEMANDING HEARING % $12,893 $90, % $5,103 CLAIM OR SUIT ABANDONED % N/A $0 0.00% $213 AFTER JUDGMENT, BEFORE APPEAL % $195,835 $195, % $130,000 AFTER TRIAL OR HEARING, BEFORE JUDGMENT % $16,000 $16, % $35,117 TOTAL % $20,547 $595, % $13,846 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS CLAIMS CLOSED IN CLAIM DISPOSITION ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
47 CLAIM DISPOSITION TRENDS OF
48 40
49 BEFORE TRIAL OR HEARING Average Paid Indemnity & Average Loss Expense $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ AVG PAID INDEMNITY $4,625 $10,752 $7,675 $11,121 $14,095 $12,143 $17,027 $8,423 $8,677 $14,689 AVG LOSS EXPENSE $4,896 $8,309 $15,012 $11,224 $9,775 $15,926 $19,380 $40,399 $28,795 $16,393 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
50 BEFORE FILING SUIT OR DEMANDING HEARING Average Paid Indemnity & Average Loss Expense $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $2,034 $4,929 $5,541 $10,384 $5,840 $10,615 $5,367 $8,433 $7,258 $12,893 AVG LOSS EXPENSE $326 $1,448 $485 $683 $857 $4,340 $997 $1,029 $2,111 $5,103 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
51 CLAIM OR SUIT ABANDONED Average Paid Indemnity & Average Loss Expense $3,000 $2,700 $2,400 $2,100 $1,800 $1,500 $1,200 $900 $600 $300 $ AVG PAID INDEMNITY $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 AVG LOSS EXPENSE $210 $443 $1,041 $664 $0 $1,798 $2,480 $1,921 $1,566 $213 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
52 AFTER JUDGMENT, BEFORE APPEAL Average Paid Indemnity & Average Loss Expense $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ AVG PAID INDEMNITY $2,424 $99,046 $0 $11,479 $0 $0 $0 $0 $0 $195,835 AVG LOSS EXPENSE $6,507 $22,716 $0 $13,625 $7,361 $1,250 $0 $1,044 $28,040 $130,000 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
53 AFTER TRIAL OR HEARING, BEFORE JUDGMENT Average Paid Indemnity & Average Loss Expense $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ AVG PAID INDEMNITY $0 $0 $0 $0 $0 $0 $5,000 $0 $0 $16,000 AVG LOSS EXPENSE $0 $0 $0 $15,174 $0 $0 $0 $0 $0 $35,117 Claim Count 6 5 Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
54 46
55 TEN YEAR SUMMARY & 2013 SUMMARY BY YEARS ADMITTED TO PRACTICE 47
56 48
57 OVER 10 YEARS % $13,364 $2,231, % $10,452 4 TO 10 YEARS % $9,673 $609, % $4,937 UNDER 4 YEARS % $12,368 $210, % $5,950 TOTAL % $12,354 $3,051, % $8,508 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS FOR YEARS YEARS ADMITTED TO PRACTICE ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
58 OVER 10 YEARS % $24,152 $483, % $14,808 4 TO 10 YEARS % $12,537 $112, % $12,185 UNDER 4 YEARS % N/A $0 0.00% $0 TOTAL % $20,547 $595, % $13,846 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS CLAIMS CLOSED IN YEARS ADMITTED TO PRACTICE ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS
59 YEARS ADMITTED TO PRACTICE TRENDS OF
60 52
61 OVER 10 YEARS Average Paid Indemnity & Average Loss Expense $27,000 $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $3,610 $10,838 $7,726 $8,777 $12,282 $16,313 $20,746 $9,257 $8,129 $24,152 AVG LOSS EXPENSE $2,380 $4,987 $9,426 $6,132 $5,506 $10,370 $17,410 $22,644 $22,169 $14,808 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
62 4 TO 10 YEARS Average Paid Indemnity & Average Loss Expense $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $2,428 $20,220 $5,333 $14,982 $9,667 $7,379 $5,060 $5,927 $8,521 $12,537 AVG LOSS EXPENSE $1,589 $2,207 $5,584 $5,191 $2,828 $8,064 $2,252 $9,204 $6,103 $12,185 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
63 UNDER 4 YEARS Average Paid Indemnity & Average Loss Expense $65,000 $60,000 $55,000 $50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ AVG PAID INDEMNITY $10,600 $0 $8,875 $11,400 $12,019 $5,188 $57,500 $0 $0 $0 AVG LOSS EXPENSE $5,027 $1,282 $1,954 $4,347 $11,103 $18,763 $9,317 $4,673 $0 $0 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
64 56
65 TEN YEAR SUMMARY & 2013 SUMMARY BY INSURED/CLAIMANT RELATIONSHIP 57
66 58
67 AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS NON-CONTRACTUAL RELATIONSHIP WITH CLAIM % $11,666 $1,469, % $6,940 CONTRACTUAL RELATIONSHIP WITH CLAIMANT % $13,070 $1,581, % $10,354 TOTAL % $12,354 $3,051, % $8,508 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS FOR YEARS INSURED'S RELATIONSHIP TO THE CLAIMANT ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY
68 AVERAGE LOSS EXPENSE FOR ALL CLOSED CLAIMS NON-CONTRACTUAL RELATIONSHIP WITH CLAIM % $12,435 $174, % $11,063 CONTRACTUAL RELATIONSHIP WITH CLAIMANT % $28,119 $421, % $16,927 TOTAL % $20,547 $595, % $13,846 REAL ESTATE MALPRACTICE INSURANCE INDEMNITY ANALYSIS CLAIMS CLOSED IN INSURED'S RELATIONSHIP TO THE CLAIMANT ALL CLOSED CLAIMS NUMBER OF PAID CLAIMS PERCENT OF PAID CLAIMS AVERAGE INDEMNITY PAID PER PAID CLAIM TOTAL INDEMNITY PERCENT OF TOTAL INDEMNITY
69 INSURED/CLAIMANT RELATIONSHIP TRENDS OF
70 62
71 NON-CONTRACTUAL RELATIONSHIP WITH CLAIMANT Average Paid Indemnity & Average Loss Expense $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $5,107 $15,649 $7,969 $12,069 $11,400 $10,005 $17,310 $8,361 $10,065 $12,435 AVG LOSS EXPENSE $2,359 $4,104 $5,715 $6,954 $3,449 $7,967 $9,760 $8,521 $20,831 $11,063 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
72 CONTRACTUAL RELATIONSHIP WITH CLAIMANT Average Paid Indemnity & Average Loss Expense $33,000 $30,000 $27,000 $24,000 $21,000 $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ AVG PAID INDEMNITY $3,604 $8,333 $6,020 $9,522 $12,124 $12,906 $19,481 $8,513 $6,157 $28,119 AVG LOSS EXPENSE $2,182 $3,693 $9,033 $4,079 $6,800 $11,615 $13,032 $29,396 $13,310 $16,927 Claim Count Number of Claims ALL CLAIMS CLOSED WITH PAYMENT CLOSED WITHOUT PAYMENT
73 PREMIUM AND LOSS DATA 65
74 66
75 20443 CONTINENTAL CASUALTY COMPANY 64.62% $1,096,968 $1,006,200 $202,700 $318, % TRAVELERS CASUALTY AND SURETY COMPANY OF 15.78% AMER $267,893 $296,442 $234,722 $226, % TWIN CITY FIRE INSURANCE COMPANY 8.78% $149,034 $138,278 $41,500 $48, % UNITED STATES LIABILITY INSURANCE COMPANY 5.38% $91,304 $82,888 $0 $0 0.00% GREENWICH INSURANCE COMPANY 5.18% $87,875 $82,714 $22,500 -$65, % WESTPORT INSURANCE CORPORATION 0.22% $3,678 $4,054 $0 $1, % ATLANTIC SPECIALTY INSURANCE COMPANY 0.06% $941 $83,665 $0 $18, % ONEBEACON INSURANCE COMPANY 0.00% $0 $292 $59,995 $22, % ST PAUL FIRE & MARINE INSURANCE COMPANY 0.00% $0 $0 -$7,385 -$7,385 N/A GREAT AMERICAN SPIRIT INSURANCE COMPANY 0.00% $0 $0 $0 -$5 N/A TOTAL % $1,697,693 $1,694,533 $554,032 $562, % PAGE 19 SUPPLEMENT REAL ESTATE MALPRACTICE EXPERIENCE WITH MARKET SHARE 2013 EXPERIENCE 67 NAIC Company Code Company Name Market Share Written Premium Earned Premium Losses Paid Incurred Losses Loss Ratio
76 PAGE 19 SUPPLEMENT REAL ESTATE MALPRACTICE EXPERIENCE Losses Plus Defense Costs 5 Year Average $7,980,233 $4,748,241 $4,773,794 $2,855, % 60.14% % 10 Year Average $16,588,109 $13,719,510 $7,327,105 $6,622, % 48.27% % TEN YEAR SUMMARY Year Direct Written Premium Direct Earned Premium Direct Losses Incurred Direct Defense & Cost Containment Expense Incurred Loss Ratio Defense Costs $2,195,145 -$537,235 $1,030,640 $461, % % % $875,718 -$905,386 $530,005 -$98, % 10.92% % 2006 $2,221,705 $2,361,731 $789,714 $740, % 31.37% 64.81% 2007 $2,581,948 $1,984,075 $1,322,615 $666, % 33.59% % 2008 $1,857,153 $1,845,056 $1,100,820 $1,086, % 58.86% % 2009 $1,702,926 $1,953,965 $126,327 $723, % 37.05% 43.51% 2010 $1,951,021 $1,946,261 $1,305,389 $300, % 15.45% 82.52% 2011 $1,540,772 $1,657,601 -$138,365 $1,035, % 62.44% 54.09% 2012 $1,715,464 $1,718,909 $697,404 $796, % 46.32% 86.89% 2013 $1,697,693 $1,694,533 $562,556 $911, % 53.77% 86.97%
77 PAGE 19 SUPPLEMENT REAL ESTATE MALPRACTICE EXPERIENCE TEN YEAR LOSS RATIO SUMMARY 80.00% 30.00% 69 Loss Ratio % % % % % Loss Ratio % % 33.44% 66.66% 59.66% 6.47% 67.07% -8.35% 40.57% 33.20%
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