Product Liability Insurance Report

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2012 Product Liability Insurance Report

Products resulting in most paid claims between 2003 and 2012

Product type

Claims paid

Average payment

Asbestos

3,052

$23,729

Appliances

2,017

$2,148

Contractors

297

$20,555

Chemical

296

$23,351

Putty products

291

$155

Products associated with highest average payout for 2012

Product type

Claims paid

Average payment

Match and charcoal manufacturing

1

$125,000,000

Lead manufacturing

1

$1,500,000

Bolts, nuts, nails, tacks, screws

1

$600,000

Office machines, computers

8

$508,135

Boats

7

$437,430

 

This report was compiled using closed claim data as reported under Section 374.414 RSMo., and financial data reported on the Missouri Supplement to Page 19 of the Annual Statement. The accuracy of this report is therefore dependent upon the accuracy of each company’s submitted data. Future releases of these data may contain revisions.

Any questions about this report should be addressed to the Statistics Section, DIFP, P.O. Box 690, Jefferson City, MO 65102-0690.

*Negative loss ratios can occur when insurers correct past over-reserving.

**To view the most recent Product Liability data, visit the Supplement Data Report page, select “Product Liability” under the “Property and Casualty Line” menu. Select year desired then click submit.