In 2008, the private passenger auto insurance industry missed
$15.9 billion in premiums because of rating errors. This estimate
is based on nationwide premium audits conducted by Quality
Planning, a Verisk Analytics company that specializes in the
validation of policyholder information. Premium rating error
represented 9.8% of the total $161.7 billion in personal auto
premium written. Without action, insurers will continue to miss
billions more over the coming years - a worrisome thought in
today's uncertain economic times.
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