Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 211

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 211
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 Global Technical Services, as a result of an increase in expert adjusting staff, increased business from new and existing clients, and pricing increases. There was a decrease in revenues in Canada in 2023, compared with 2022, due to the change in exchange rates.

Revenue variance components for our North America Loss Adjusting 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
     
    (6.0)%

    Decrease due to foreign currency exchange rates
     
    (1.3)%

    High-frequency, low-severity cases received in 2022 with minimal 2022 revenues
     
    9.6%

    Revenue increase with no cases received
     
    0.8%

    Change in product mix and rates
     
    7.4%

    Increase in Revenues before Reimbursements
     
    10.5%

33

Reimbursed Expenses Included in Total Revenues

Reimbursements for out-of-pocket expenses incurred in our North America Loss Adjusting segment, which are included in total Company revenues, were $9.8 million in 2023 compared with $8.4 million in 2022. The increase in reimbursed expenses was primarily due to the increase in revenues in 2023.

Case Volume Analysis

North America Loss Adjusting segment unit volumes by geographic region, measured by cases received, for 2023 and 2022 were as follows: 

    Year Ended December 31,
     
    2023

    2022

    Variance

    U.S.

    145,957

    136,804

    6.7
    %

    Canada

    131,255

    158,193

    (17.0
    )%

    Total North America Loss Adjusting Cases Received

    277,212

    294,997

    (6.0
    )%

Overall, there was a decrease in cases of (6.0)% in 2023, compared with the 2022 period. The increase in U.S. case volumes in 2023 was due to an increase from both new and existing clients. There was a decrease in cases in Canada due to a change in the mix of services provided, resulting from fewer high-frequency, low-severity Contractor Connection