Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 65

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 65
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 to an increase in case volumes, higher average fee per case from both new and existing clients, and a change in operating model for certain clients. There was an increase in revenues in Europe in 2023, compared with 2022, due to increases in the Netherlands, including the benefit of the Van Dijk acquisition, partially offset by a decrease in high-frequency, low-severity cases in Scandinavia. There was a decrease in revenues in Australia due to the weather-related case activity from the 2022 flooding catastrophe. There was an increase in revenues in Asia in 2023, compared with 2022, due to an increase in high-frequency, low-severity case activity in Singapore. The increase in revenues in Latin America in 2023 was due to an increase in cases with higher average fees in Chile, partially offset by a decrease in high-frequency, low-severity cases in Colombia. 

35

Revenue variance components for our International Operations segment for the year ended December 31, 2023 are summarized as follows:

    2023 Period compared to 2022 Period Ending:
     
    December 31

    Decrease in cases received
     
    (9.3)%

    Decrease due to foreign currency exchange rates
     
    (2.6)%

    Australia 2022 catastrophe cases
     
    3.2%

    High-frequency, low-severity cases received in Europe in 2022 with minimal 2022 revenues
     
    5.6%

    U.K. change in operating model
     
    2.3%

    Change in product mix and rates
     
    7.4%

    Impact of acquisition revenues
     
    0.4%

    Increase in Revenues before Reimbursements
     
    7.0%

Reimbursed Expenses Included in Total Revenues

Reimbursements for out-of-pocket expenses incurred in our International Operations segment which are included in total Company revenue increased to $33.8 million in 2023 from $29.0 million in 2022. The increase in reimbursed expenses was primarily due to the increase in revenues in the current year.

Case Volume Analysis

International Operations unit volumes, as measured by cases received, by region for 2023 and 2022 were as follows:

    Year Ended December 31,
     
    2023

    2022

    Variance

    U.K.

    159,384