The study, using data from S&P Global, compiled information from the annual statements of 91 insurance companies writing 80% or more of their Homeowners direct premium written in Florida. Using Schedule P – Part 5A – Homeowners Claim Counts, Demotech calculated claim closure rates based upon the claim count information reported to the
"Seamless processing of claims is impossible. Consumers who submit claims have had their lives disrupted. If they could return to their prior status within seconds, the trauma and frustration would still be tragic. As the need to recognize unique circumstances and nuances serve to protract the investigatory and valuation process, the frustration grows. Similarly, it is often difficult to separate a consumer's frustration with the vendor providing repairs from the frustration with the claim settlement process," says Petrelli. "The consistency of claim closure rates over a ten year period implies that carriers are consistently resolving open claims."
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