AIGsGlobal M&A Insurance Claims study of its representation and warranty (R&W) claims between 2014 to 2015 found that one-in-four policies written on deals over $1 billion resulted in a claim. Overall, 18 percent of insurance claims help all global R&W policies written by AIG during the 2011 to 2015 period resulted in a claim. AIG is one of the largest writers of R&W insurance globally. This year, the study looked into claims severity for the first time, revealing that more than half of all material claims (those incurring more than $100,000) during the period were $1 million or more. A look at the distribution of material claims shows a substantial amount of dollars paid across the severity spectrum: Slightly fewer than 47 percent of claims were between $100,000 and $1 million, with an average payout of $300,000. 47 percent were between $1 million and $10 million, with an average payout of $3.5 million. Slightly fewer than seven percent were more than $10 million, with an average payout of $22 million. The bigger and more complicated a deal is, the more likely there is an unknown liability lingering, said Mary Duffy, global head of M&A Insurance, AIG. We are paying sizable claims, sometimes writing eight-figure checks in different geographies. CLAIMS FREQUENCY Therewas a seven-point jump in the claims count from policies written in the 2011 to 2014 period (to 21 percent) compared to the prior year study.
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All of these elements fuel unpredictability and a lack of control, causing anxiety and making it hard to plan for healthcare costs in retirement. (For related reading, see: What Will Healthcare Cost After Retirement? ) Plan Realistically We recommend that everyone engage in long-term financial planning to adequately prepare for retirement. Your planning should take place regularly, and it should be comprehensive in nature and include health care considerations. Because of the complexity of issues involved, the easiest and most effective way to achieve a robust retirement plan is to work with a professional advisor. He or she should consider a variety of factors when collaborating with you on your retirement plans, including: Embedding higher rates of inflation for healthcare costs. Its wise to assume a higher rate of inflation for health care due to the more rapid rise in medical coverage costs. Modeling numerous scenarios that consider a host of potential life events and what-ifs Adjusting life expectancy to analyze the resilience of your retirement funds across different lifespans Considering different levels and durations of health care. Care costs can vary greatly depending upon the level and length of care you need. Nursing care is the biggest concern for most retirees, with costs ranging between $80,000 and $140,000 per year. At least one modeled scenario should include an extended-care need.
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