Safeware projects theft losses to increase by nearly 300% by the end of the year based on the claims reported through Q2.
Columbus, OH (PRWEB) September 22, 2008
Safeware, The Insurance Agency Inc. released new loss statistics today from an analysis of all computer and portable electronics claims paid in 2006 and 2007.
Safeware's loss study revealed that Accidental Damage continued to be the No.1 cause of loss among its policyholders, accounting for 58.8% of all claims paid in 2007. Theft is the No. 2 cause of loss with 18.7% of all claims paid.
The study reported an overall 29% increase in theft claims from 2006 to 2007. The increase is due in large part to the growing use of laptops and portable electronics in the classroom and among business professionals. Safeware classifies this segment of their business as 'Fleet' policyholders which include large businesses, K12 schools, Colleges and Universities. This group had a 32% increase in theft occurrences in 2007 over the prior year.
Accidental damage claims were also up from 2006 to 2007. The loss study revealed an overall 12% increase in accidental damage claims paid from the prior year. Again, the Fleet segment of policyholders reflected the largest increase with accidental damage losses climbing by 23%.
Safeware's loss study also included data through Q2 of 2008. While the upward trend of accidental damage has continued into 2008, "Safeware projects theft losses to increase by nearly 300% by the end of the year based on the claims reported through Q2."
The following is a breakdown of the types of loss and the percentage change when compared to prior year losses:
2006 to 2007 2007 to 2008 Projected
Type of Loss % Change Type of Loss % Change
Accidental Damage + 12% Accidental Damage + 16%
Theft + 29% Theft + 278%
Liquid Damage - 32% Liquid Damage + 58%
Safeware is continuing to develop 2008 loss statistics and year-end projections. Visit the company's website http://www.safeware.com for updated statistics as they become available.
Safeware Insurance is the nation's largest provider of specialized insurance programs, designed to meet the demands of computer, electronics, and high-tech equipment owners. For over 25 years, Safeware's ongoing success is attributed to its ability to offer affordable, comprehensive, value-added insurance coverage for computers and electronics, while maintaining best of class customer service and satisfaction. Safeware's goal is to provide a higher level of protection and peace of mind for the educated electronics consumer.