Loss runs summarize a policyholder’s insurance demands, including dates, loss types, severity, amounts paid, and status. They help insurers assess risk, set coverage terms, and evaluate claims history.
Loss runs reports are an essential tool for insurance brokers, claim adjusters, and underwriters. It provides valuable insights into the policyholder’s claims experience and loss severity. This information helps companies make informed decisions regarding coverage and pricing adjustments.
Insureds can also benefit from reviewing their loss runs report. By analyzing their insurance loss reported, they can identify patterns, trends, and areas of risk. This enables them to take proactive measures to mitigate them, improve their claims history, and potentially negotiate better insurance terms and premiums.
At PSIC, we use loss runs to assess the risk profile of a policyholder and determine the pricing and terms of coverage. It helps us to understand the frequency and severity of claims made by the insured, which can influence the premiums charged for future coverage.
By reviewing it, we can better tailor our insurance solutions to meet your needs. This process allows us to provide you with the most accurate pricing and coverage options based on your unique situation.
Our goal is to ensure you have the right protection while keeping your costs manageable. If you have any questions about how loss runs impact your policy, feel free to ask your agent for more information.
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Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
Categories of Personal Information Collected
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We will not retain your personal information for longer than necessary for the purposes set out in this notice. Different retention periods apply for different types of personal information.
When it is no longer necessary to retain your personal information, we will delete or anonymize it.