What is a "loss run report" used for?

A "loss run report" is utilized to summarize an insured's claims history. This report provides valuable insight into the number and type of claims a policyholder has filed over a specified period. Insurance companies often request this information when underwriting new policies or renewing existing ones, as it helps them assess the risk associated with the insured and determine appropriate premiums.

Having access to a detailed claims history allows insurers to evaluate trends in claims, assess the frequency and severity of losses, and make informed decisions about coverage options. This is crucial for understanding the insured's risk profile and determining whether they qualify for certain policies or coverage limits. Loss run reports therefore play a significant role in underwriting decisions and risk management for insurers, reflecting their commitment to understanding an insured's history as part of the insurance process.