financials

Claims

Claims Count by Year

To date, the membership has reported more than 80,000 claims. The number of claims not related to catastrophes—like automobile accidents, thefts and home fires—can be expected to increase somewhat steadily as the membership grows, while claims from weather events like hurricanes and wildfires are less predictable. However, sound underwriting and a well-diversified book of business has helped to lessen the impact of this volatility for PURE.

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Subrogation

When a third-party is responsible—even partially—for the damages in a claim, PURE uses the legal process of subrogation to try to recover the money paid out. This often results in the at-fault party bearing a portion of the financial responsibility for the claim.

Subrogation helps to improve the company’s overall operating results and reduces the cost of insurance premiums. In 2018, PURE recovered over $22 million from the at-fault parties through subrogation efforts.

In kind, PURE receives incoming subrogation demands, or third-party liability claims made against our members. In these cases, we work first and foremost in the best interest and long-term health of PURE as we consider the unique experience of an individual member.

In some situations, subrogation allows us to reimburse a portion or all of a member’s deductible. Here are some things you can do to help in our efforts.

Take photos or videos at the time of an incident. Visual representations, as well as written accounts, help to better understand the reported situation, whether it’s capturing a photo of the vehicle that just rear-ended you or a video of water leaking from a pipe in your home; it may not tell us the whole story, but it does help us determine what we might need to move forward.   

Preserve damaged parts. Sometimes claims are the result of manufacturer defect or an improperly handled repair. Retaining all damaged parts from the event could be helpful in determining, and proving, who is at fault.

Keep detailed records. Whether it’s the signed contract for your home repair or the serial numbers and manufacturers of your home appliances, any clear documentation you have could help identify potentially responsible parties. 

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Partnering To Prevent Loss

We study each large loss experienced by our members to fully understand its root cause and how it could have been prevented. We share these insights with the broader membership to help reduce the likelihood that other members will experience a similar claim. And, as part of the claims process, we aim to partner with our members to implement loss prevention solutions that will help make their homes safer and more resistant to future losses.

In 2018, we contributed over $1.6 million towards the cost of loss prevention measures intended to help members who have just suffered a claim prevent a similar loss from reoccurring.1 Since this program began, we have partnered with thousands of members and contributed more than $5.4 million. Here are some of the loss prevention solutions that members are implementing.

 

1For covered losses greater than $10,0000, PURE’s Homeowners policy includes a Loss Prevention Benefit, up to $2,500 members can use to prevent a similar loss from recurring.