Fraud and insurers' inability to track insureds resulted in premium rating errors that cost carriers $16.1 billion in revenues last year, according to San Francisco-based Quality Planning.
The company, a subsidiary of Insurance Services Office in Jersey City, N.J., validates policyholder information for auto insurers.
According to the Quality Planning annual premium rating error report, the latest figure is slightly down from the 2006 figure of $16.6 billion–but still almost 10 percent of the total $162 billion in personal auto premium written.
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