Clements Worldwide Fleet Data Analysis for Improving Insurance Expense Management
Clements recently conducted a comprehensive audit of its vehicles and claims data over the past two years to determine trends that could assist fleet managers and directors to improve their insurance expense management. This report covered over 11,000 vehicles with 47% of those vehicles located in severe or extreme risk markets as designated by Lloyd's of London.
• Number of claims from May 2014 to 2015: 242
• Number of claims from May 2015 to 2016: 541
• Total dollar value of claims from May 2014 to May 2015: $768,707
• Total dollar value of claims from May 2015 to May 2016: $1,726,330
Key trends include:
• A large percentage of accidents resulted from or included third parties with many organizations still opting for inadequate local third party liability coverage;
• While collisions greatly outweighed the number of political violence claims, the cost of political violence claims was greater than the average claim and Clements Worldwide still sees many organizations not opting to upgrade to political violence coverage. Also claims in the 22 countries listed as severe or extreme risk did account for 42% of all claims in 2014-2015 and 39% in 2015-2016.
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