JERSEY CITY, N.J., August 26, 2014 — Verisk Insurance Solutions – Underwriting, a Verisk Analytics (Nasdaq:VRSK) business, announces the release of a comprehensive analysis of the past 14 years of hail claims experience across the United States. Property Hail Claims in the United States: 2000–2013 analyzes almost 9 million residential property hail claims reported to Verisk from 2000 through 2013.
The analysis examined many aspects of hail claims losses, including state rankings for average annual loss per claim and per year, annual trends in hail claim frequency and intensity, and inconsistencies that identified outliers and fluctuations in the typical claims experience.
Interesting results from the analysis include:
The analysis was based on data from Verisk’s A-PLUSTM property loss database, which includes 95 percent of claims paid by U.S. homeowners insurers.
Verisk Climate, a Verisk Analytics business, has conducted follow-on research using its BenchmarkTM database. From 2009 through 2013, approximately 15 percent of hail claims analyzed had no evidence of hail activity on the reported date of loss, indicating inaccuracies in the reported claim information that affect the association of a claim to a causative weather event (catastrophe or otherwise).
Property Hail Claims in the United States: 2000–2013 is available for download today at http://www.verisk.com/hailclaimsreport.
About Verisk Insurance Solutions – Underwriting
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions – Underwriting is a leading source of underwriting information about property/casualty insurance risk. Drawing upon vast experience in data management, predictive modeling, and risk assessment solutions, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.