Midwest News
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Mich. Agents Praise Catastrophic Claims Assn. for Lowering Assessment
Midwest News • March 27, 2006
The Michigan Association of Insurance Agents praised the Michigan Catastrophic Claims Association for its decision to lower its annual automobile assessment to $137.33 per vehicle, a decrease from ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: Michigan MCCA Rate Reduction | Donald G Fowler | Sep 3, 2007, 3:01 pm |
| Correction | Lori Conarton | Mar 30, 2006, 3:08 pm |
| Michigan MCCA Rate Reduction | Kim Robert Swartz | Mar 28, 2006, 7:42 am |
| Dinosaur | paddington | Mar 27, 2006, 11:25 pm |
| Editors | CrunchMaster | Mar 27, 2006, 12:48 pm |
| Back to article | ||
Subject: Editors
"At the end of 2005, 19,394 catastrophic claims had been reported to the MCCA. Medical reimbursements totaling more than $4.7 million have been made on over 8,200 claims."
I would hazard to guess there are at least 4 million vehicles in Michigan, but since I don't know the real figure let's lowball it and say 1 million. If each of those 1 million has to pay $137 per year that's a total of $137 million dollars pet year yet the article says that "$4.7 million have been made on over 8,200 claims."
Also, $4.7 million have been made on over 8,200 claims results in a severity of approximate $573 per catastrophic claim.
$573 per claim doesn't sound too catastrophic to me.