Bed Bugs Account For Growing Number Of Insurance Claims

Those who are involved in the insurance industry know that dogs are the reigning champions when it comes to generating insurance claims. As it turns out, several other creatures are after that, rather unceremonious, crown.

Allianz Global & Specialty recently released a five-year study that brought to light some surprising facts. Before we get into the specifics, let’s set the stage. According to Allianz, animals are responsible for roughly 2% of the 470,000 insurance claims that they looked at over a five-year period. That means that animal-related claims resulted in approximately $500 million worth of losses.

Most of the animals involved in claims are of the predictable sort: dogs, cats, birds and deer. Alarmingly, however, it turns out that bed bugs are becoming increasingly responsible for insurance claims.

According to the Allianz study, bed bugs accounted for 8% of animal-related claims. That means that the little buggers can claim about $2.84 million in losses.

The Insurance Journal reports that “…a 2018 survey by the National Pest Management Association found that 97% of the exterminators who responded had treated for bedbugs in the past year, up from only 25% 15 years ago.” That means that those little critters are on the rise, and will likely continue to eat up claim dollars in the future.

Bed bugs are a nightmare to deal with even before you consider the fiscal damage they can do. While you can’t guarantee that you will never get bed bugs, you can make sure that they don’t drain your bank account by having a proper insurance policy in place.

To learn more about your current insurance policy, or to learn more about purchasing a new one, reach out to the staff at TGS Insurance. They are always willing to answer any questions that you may have. Visit www.tgsinsurance.com to learn more.

Sources:
https://www.insurancejournal.com/news/national/2019/04/09/523229.htm

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