In 2007, the private passenger auto insurance industry lost
$16.1 billion because of premium rating error. This estimate is
based on nationwide premium audits conducted by Quality Planning,
an ISO company that specializes in the validation of policyholder
information. Premium rating error represents 9.95% of the total
$162 billion in personal auto premium written. Without action,
insurers will continue to lose billions more over the coming years
- a worrisome thought in today's uncertain economic times.
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