Auto insurance profitability continued to benefit from lower
accident frequency. Allstate brand auto insurance net written premium grew 5.0% in the quarter of 2019, reflecting a 2.5% increase in policies in force and higher average premium.
Result: Employee
accident frequency rate in Singapore has come down to 1.41, below the global average of 2.8.
"This would be a disincentive to safety and could lead to greater
accident frequency and higher overall workers' compensation costs."
Second quarter results were better than the annual outlook range of 86 to 88 as auto insurance profitability was favorably impacted by a continued reduction in
accident frequency. Given the positive first half 2018 performance, the underlying combined ratio* is now expected to be within 85 to 87 for the full year of 2018.
The total man hours on the project exceeded 450mn at an
accident frequency rate of 0.021, one the lowest in any mega project across the world.
According to the company, the key drivers of its strategy going forward include reducing its
accident frequency and lost time injury frequency rates.
Gemini Motor Transport won the over 40-million miles category with an
accident frequency of 0.291 accidents per million miles.
Before the decision is made, we first identify the black spots on the freeway using the improved
accident frequency method and then calculate the probability of an accident.
Increased
accident frequency due to higher traffic congestion and medical-cost liability severity are the primary cost drivers.
In June, the company achieved a significant milestone, having operated without a single reportable accident for 12 months, leading to a reportable
accident frequency rate (RAFR) of zero - an achievement few in its industry have ever matched.
How can insurers make a dent in
accident frequency and severity, both of which are currently on the rise?
