Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 200

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 200
---
 revenue increase for 2024 compared with the same period in 2023. 

Based on constant foreign exchange rates, the increase in the U.K. for 2024, compared with 2023, was due to an increase in property and third party administration revenues driven by higher value claims. There was an increase in revenues in Europe in the 2024 period, compared with 2023, due to increases in Netherlands, Norway, the Middle East, and Germany. There was an increase in revenues in Asia in 2024, compared with 2023, due to an increase in high-frequency, low-severity case activity in Singapore, as well as increases in Taiwan related to an earthquake. The increase in revenues in Latin America in 2024 was primarily driven by increased volumes across third-party administration and loss adjusting in Brazil.

27

Revenue variance components for our International Operations segment, for the year ended December 31, 2024 are summarized as follows:

    2024 Period compared to 2023 Period Ending:
     
    December 31

    Increase in cases received
     
    2.8%

    Increase due to foreign currency exchange rates
     
    0.2%

    Increase in U.K. revenues related to higher-value third-party administrative claims
     
    2.7%

    Change in high-frequency, low-severity cases received
     
    2.3%

    Change in product mix and rates
     
    1.5%

    Increase in Revenues before Reimbursements
     
    9.5%

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 $34.3 million in 2024 from $33.8 million in 2023. 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 2024 and 2023 were as follows:

    Year Ended December 31,
     
    2024

    2023

    Variance

    U.K.

    130,014

    159,384

    (18.4
    )%

    Europe

    181,967

    177,315

    2.6
    %

    Australia

    50,808

    35,