U.S. Insurance Industry Lost More Than $16 Billion in 2004 Due to Auto Premium Rating Error

SAN FRANCISCO, Sept. 6 /PRNewswire/ — Quality Planning Corporation (QPC), the Rating Integrity Solutions Company, today released its annual Premium Rating Error report. To put this $16 billion premium rating error into perspective, it represents about 9.8% of the $163 billion revenue recognized by personal auto insurance premiums industry-wide.Dr. Daniel Finnegan, founder and CEO of QPC, noted: “For the average auto insurer, each one percent of rating error losses translates into an 20 percent reduction in profitability.”….

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