Loss Cost

Numbers are curious things. The overused business expression for seeing something from a high level is “a 30,000 foot view.” Professional divers, however, define a “deep dive” as anything from 60 to 100 feet below the...

If you’re an underwriter, you probably spend more time dealing with loss costs than you’d like. It can be frustrating because it’s a driver of your underwriting and pricing, but because it’s a filed instrument, you ha...

There’s little doubt that field-surveyed property reports are the gold standard in the industry. Our trained staff examines critical characteristics and provides detailed assessments of commercial properties and relat...

It’s not surprising that excess and surplus (E&S) underwriters have traditionally been forced to rely on experience and judgment to price insurance policies. After all, the non-admitted market is about as varied as yo...

Novarica (a division of Novantas that conducts independent research) recently released a report showing that, by using ISO content in electronic format, insurers have realized on average: - a 39 percent reduction in...

Pricing insurance in the nonadmitted market is one of the toughest tasks for underwriters, as they try to rate new, niche risks with limited historical data. But it can be much easier with our new online portal . The...

Fill in the blanks: The uncertainty inherent in the estimation of _________ implies that a range of ________ can be actuarially sound. Those trained in actuarial science will likely answer “reserves.” That is, in...

Among the questions insurers should ask when choosing a rating system are whether the vendor has a formal business alliance with ISO and whether the provider offers a subscription service for maintaining ISO products,...

At ISO, our customers have told us about the challenges they encounter in handling regulatory content — loss costs, rules, forms, statistical codes, and business edits. Insurers depend on ISO circulars to supply that...

An interesting case study from ISO is in the works. The headline is "Forty-Six States in Two Months: How One Insurer Implemented ISO's Commercial Auto Rating in Record Time." We're still developing the final report, b...