Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 46

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 46
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2024, compared with $303.6 million in 2023. This increase was due to increased business in the U.S. from both new and existing clients and pricing increases. The change in exchange rates decreased our North America Loss Adjusting segment revenues by (0.5)%, or $(1.3) million, for 2024 as compared with 2023. Absent foreign exchange rate fluctuations, North America Loss Adjusting segment revenues would have been $313.5 million for 2024. There was a decrease in segment unit volume, measured principally by cases received, of (12.4)% for 2024, compared with 2023. This includes a decrease in high-frequency, low-severity cases received in Contractor Connection in Canada of 35,800 or 12.9%. Changes in product mix and in the rates charged for those services accounted for a 2.8% revenue increase for the year ended 2024 compared with 2023.

The increase in revenues in the U.S. for 2024 was due primarily to an increase in 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 2024, compared with 2023, due to the decrease in Contractor Connection cases. 

25

Revenue variance components for our North America Loss Adjusting segment for the year ended December 31, 2024 are summarized as follows:

    2024 Period compared to 2023 Period Ending:
     
    December 31

    Decrease in cases received

    (12.4
    )%

    Decrease due to foreign currency exchange rates

    (0.5
    )%

    Contractor Connection Canada high-frequency, low-severity case reduction

    12.9
    %

    Change in product mix and rates

    2.8
    %

    Increase in Revenues before Reimbursements

    2.8
    %

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 $8.6 million in 2024 compared with $9.8 million in 2023. The decrease was due to a decrease in mileage reimbursements. 

Case Volume Analysis

North America Loss Adjusting segment unit volumes by geographic region, measured by cases received, for 202