What is Heritage Insurance Holdings Claims Ratio %?
Claims Ratio % is the percentage of claims costs incurred in relation to the premiums earned.
Heritage Insurance Holdings's Claims Ratio % for the quarter that ended in Dec. 2023 was 51.00%
, which is lower than
74.40% for the pervious quarter ended in Sep. 2023.
Heritage Insurance Holdings's Claims Ratio % for the annual that ended in Dec. 2023 was 61.10%
, which is lower than
78.70% for the pervious year ended in Dec. 2022.
The historical rank and industry rank for Heritage Insurance Holdings's Claims Ratio % or its related term are showing as below:
HRTG's Claims Ratio % is not ranked *
in the Insurance industry.
Industry Median: * Ranked among companies with meaningful Claims Ratio % only.
Heritage Insurance Holdings Claims Ratio % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Competitive Comparison of Heritage Insurance Holdings's Claims Ratio %
For the Insurance - Property & Casualty subindustry, Heritage Insurance Holdings's Claims Ratio %, along with its competitors' market caps and Claims Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Heritage Insurance Holdings (NYSE:HRTG) Claims Ratio % Calculation
Claims Ratio % is calculated as
Claims Ratio %
=
Total Claims
/
Total Premiums Earned
*
100%
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Heritage Insurance Holdings (NYSE:HRTG) Claims Ratio % Explanation
Claims Ratio % the percentage of claims costs incurred in relation to the premiums earned during the period. It is the equivalent of gross profit margin for an insurance company.
It's important to note that insurance is the business of managing risks and, to do that well, the insurer needs a thorough understanding of the incurred claims ratio. If the value is higher than expected or above established norms, then further investigation is required to figure out why that is (eg: fraud). If it is lower than expected, it could indicate irrelevant products or difficulties in claiming, possibly affecting customer satisfaction.
Heritage Insurance Holdings Claims Ratio % Related Terms
Thank you for viewing the detailed overview of Heritage Insurance Holdings's Claims Ratio % provided by GuruFocus.com. Please click on the following links to see related term pages.
Heritage Insurance Holdings (Heritage Insurance Holdings) Business Description
Heritage Insurance Holdings Inc is a regional property and casualty insurance company that offers a variety of personal and commercial insurance products. Through its subsidiaries, Heritage Property & Casualty Insurance, Narragansett Bay Insurance, and Zephyr Insurance, the company issues personal residential property insurance in more than 10 states in the United States. It also offers commercial residential insurance primarily for its Florida properties. Heritage Insurance manages insurance underwriting, customer services, actuarial analysis, distribution, and claims processing internally.
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