Property Losses Topped $68 Billion in 2020 as Extreme Events and Pandemic Drove Insurance Claims, Xactware’s 2020 Property ...
June 30 2021 - 10:00AM
The global pandemic and damage from winds and hurricanes had a
profound impact on property claims and pricing trends throughout
2020, according to Xactware’s recently released 2020 Property
Report for the United States. The volume of property estimates
processed by Xactware, a Verisk (Nasdaq: VRSK) business, peaked in
August with 883,128 claims, totaling $9.44 billion, the report
shows.
Catastrophic events set a record in the United States in 2020,
with 19 events causing at least $1 billion in direct insured
losses, PCS, a Verisk business, reported. Hurricane Laura, the
Midwest Derecho and wildfires throughout the western states were
the cause of the surge in claims activity in what was an already
challenging year. There were 6.97 million claims in 2020 for a
total of more than $68 billion in property losses, according to the
report.
Years of research and
development enabled insurers, property and restoration
professionals to adapt to lockdowns and serve customers
with digital tools.
At the onset of the COVID-19 pandemic, many insurers had to
quickly establish new remote workflows to continue handling claims.
This led to a tremendous spike in the number of virtual claim
inspections. The report shows that more than 140,000 claims
processed by Xactware in 2020 had a virtual aspect, whether live or
on-demand or collaborating with the policyholder and service
providers—a 228 percent increase from the previous year.
“We’re proud to have had the technology available to help the
property industry rapidly adapt to meet the needs of customers
during the global pandemic, while ensuring the safety of staff,
vendors and policyholders,” said Mike Fulton, president of Verisk’s
Xactware. “Without visiting a customer’s home or business,
insurance adjusters can communicate with customers via video chat,
access estimation and other relevant data, and process claims
rapidly. When catastrophe struck, the industry was ready to support
their customers at the hour of their greatest need. As a result,
these digital tools and solutions have become an integral part of
how work gets done.”
Xactware’s 2020 Property Report examines data from millions of
claims in the U.S. and provides insight into property insurance
trends leading into 2020. The property report also includes
findings on these key areas:
- Total volume and value of property estimates
- Rate changes for reconstruction costs by state
- Trends for common building materials such as lumber, drywall,
and roofing
- Cost of personal protective equipment
- Industry benchmarks for claim turnaround times
The property report is digital and interactive and available for
instant access. For more information, visit Xactware.com.
Xactware Solutions provides computer software solutions for
professionals involved in estimating all phases of building and
repair. Thanks to a longstanding commitment to invest in research
and development, Xactware solutions are used by 22 of the top 25
property insurance companies in the U.S. and all of the top 10
Canadian insurers.
About XactwareXactware
specializes in technologies for the property insurance, remodeling,
restoration, and mortgage and lending industries. Xactware’s tools
provide claims estimating, contents replacement, claims management,
and property maintenance solutions for desktop, mobile, and online
platforms. Xactware’s services include repair cost research and
reports, aerial imagery, and real-time business intelligence.
Xactware has been providing cloud services for customers since
1995. Xactware is a Verisk (Nasdaq:VRSK) business. For more
information about Xactware’s solutions, contact Xactware at
1-800-424-9228 or Xactware.com.
Media ContactMichelle
Pantina551-500-7327michelle.pantina@verisk.com
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