Dogs Biting Insurers’ Bottom Lines

The article below is beneficial to you from a personal stand point as well as being a Property Manager.  If your communities allow animals, I would strongly recommend that you restrict animals by size and by breed for the potential risk of liability is too great. If you are interested in discussing sample pet policies for your properties, please feel free to contact me and I would be happy to discuss with you.

Jennifer Moffitt, CIC

Rash of dog bites cost insurers $412 million in 2009; bite claims up 30% from 2003 to 2009.

Insurance Networking News, August 19, 2010

Alex Vorro

Man’s best friend is shaping up to be an insurer’s worst nightmare.

According to new statistics released today by the Insurance Information Institute (III), dog bite claims chomped on insurers’ legs to the tune of $412 million in 2009, an increase of 6.4% from 2008. Bites also accounted for more than  one-third of all homeowners insurance liability claims paid out in 2009.

The III’s analysis of homeowners insurance data found that the average cost of dog bite claims was $24,840 in 2009, up slightly from $24,461 in 2008.

Since 2003, the cost of these claims has risen nearly 30%. Additionally, the number of claims has increased 4.8% to 16,586 in 2009 from 15,823 in 2008.

More than 4.7 million people are bitten by dogs annually, resulting in an estimated 800,000 injuries that require medical attention, the III says, citing the Centers for Disease Control and Prevention.

“With over 50% of the bites occurring on the dog owner’s property, the issue is a major source of concern for insurers,” the III says in its report.

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