GITNUX MARKETDATA REPORT 2024

Insurance Payout Time Statistics

Insurance payout times typically follow a right-skewed distribution with a longer tail on the high end.

With sources from: cbsnews.com, insure.com, worldatlas.com, floodsmart.gov and many more

Statistic 1

An average home insurance claim may take 10-14 days to process.

Statistic 2

In 2018, the average total cash and invested assets of the US insurance industry was $1.9 trillion.

Statistic 3

About 60% of consumers say processing times are the most frustrating part of an insurance claim.

Statistic 4

About 2.1 million auto insurance claims were filed in 2019 in the US.

Statistic 5

An estimated 5 to 7 percent of life insurance policies go unclaimed each year.

Statistic 6

About 1 in 1,000 homeowners insurance policies has a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others.

Statistic 7

Some insurance companies process auto claims within 15 days of receiving the completed claims forms.

Statistic 8

In 2017, renters insurance paid out over $300 million for property damage claims.

Statistic 9

The average time for insurance companies to settle a claim is approximately 2 weeks.

Statistic 10

As per federal law, insurance companies have up to 45 days to approve or deny a health insurance claim.

Statistic 11

According to studies, around 10% of policyholders in 2016 filed a claim on their homeowners insurance.

Statistic 12

Within the past 10 years, an average of 6% of insured homes had a claim each year.

Statistic 13

Insurance payouts for wildfires in California exceeded $12 billion in 2018.

Statistic 14

Insurance companies in the US pay out over $400 billion in policy benefits each year.

Statistic 15

In 2019, the average auto liability claim for property damage was $3,841.

Statistic 16

The payout for total property damage, caused by catastrophes and covered by insurance companies in the United States, reached about $25.5 billion in 2019.

Statistic 17

In 2019, about 5.6% of motorists had a claim, while homeowners and renters insurance claim rates were about 4.3% and 6.1% respectively.

Statistic 18

The average flood insurance claim payout in the United States in 2018 was $42,580.

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In this post, we will explore a collection of statistics related to insurance payouts and claim processing times in the United States. From the average time it takes for insurance companies to settle a claim to the staggering amounts paid out for various types of insurance claims, these statistics shed light on the financial aspects and consumer experiences within the insurance industry. Let’s delve into the data behind insurance claims and payouts to gain a clearer understanding of this vital sector.

Statistic 1

"An average home insurance claim may take 10-14 days to process."

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Statistic 2

"In 2018, the average total cash and invested assets of the US insurance industry was $1.9 trillion."

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Statistic 3

"About 60% of consumers say processing times are the most frustrating part of an insurance claim."

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Statistic 4

"About 2.1 million auto insurance claims were filed in 2019 in the US."

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Statistic 5

"An estimated 5 to 7 percent of life insurance policies go unclaimed each year."

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Statistic 6

"About 1 in 1,000 homeowners insurance policies has a liability claim related to the cost of lawsuits for bodily injury or property damage that the policyholder or family members cause to others."

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Statistic 7

"Some insurance companies process auto claims within 15 days of receiving the completed claims forms."

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Statistic 8

"In 2017, renters insurance paid out over $300 million for property damage claims."

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Statistic 9

"The average time for insurance companies to settle a claim is approximately 2 weeks."

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Statistic 10

"As per federal law, insurance companies have up to 45 days to approve or deny a health insurance claim."

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Statistic 11

"According to studies, around 10% of policyholders in 2016 filed a claim on their homeowners insurance."

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Statistic 12

"Within the past 10 years, an average of 6% of insured homes had a claim each year."

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Statistic 13

"Insurance payouts for wildfires in California exceeded $12 billion in 2018."

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Statistic 14

"Insurance companies in the US pay out over $400 billion in policy benefits each year."

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Statistic 15

"In 2019, the average auto liability claim for property damage was $3,841."

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Statistic 16

"The payout for total property damage, caused by catastrophes and covered by insurance companies in the United States, reached about $25.5 billion in 2019."

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Statistic 17

"In 2019, about 5.6% of motorists had a claim, while homeowners and renters insurance claim rates were about 4.3% and 6.1% respectively."

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Statistic 18

"The average flood insurance claim payout in the United States in 2018 was $42,580."

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Interpretation

Insurance claims processing times vary widely across different types of insurance, with home insurance typically taking 10-14 days to process. Despite frustrations from consumers about processing times, insurance companies pay out substantial amounts annually, with the US insurance industry holding $1.9 trillion in assets. The importance of swift claim processing is evident, especially in cases like wildfires in California where payouts exceeded $12 billion in 2018. Overall, the data highlights the significant financial impact of insurance claims and the complexities involved in the insurance industry.

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