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Xactware’s 2019 Canada Property Report Reveals Effect of Winter Storms, Flooding, Wind Damage

National rebuilding costs grow 3.72 per cent nationally last year

LEHI, Utah — Friday, July 31, 2020 — Xactware's newly published 2019 Canada Property Report shows snow, flooding, and wind events, such as Hurricane Dorian and the Halloween storm, had a significant impact on claims and local building cost trends last year. Xactware is a Verisk Analytics (Nasdaq:VRSK) business.

In 2019, water damage accounted for 62 per cent of the claims processed by Xactware's XactAnalysis solution in Canada. Wind damage was responsible for another 12 per cent of all property claims reported last year. Reconstruction costs in Canada rose 3.72 per cent by the end of the year. Xactware's 2019 Canada Property Report shows how Hurricane Dorian, the Halloween storm, flooding, and other major weather events affected claims and building cost trends.

“The Canadian property insurance experienced another above-average year in terms of insured losses,” said Joel Dagenais, senior vice president of Xactware. “The property report puts critical claims and pricing trends into perspective and helps property professionals make more informed decisions.”

Xactware's 2019 Canada Property Report was gathered by examining data from millions of claims and provides insight into property insurance trends. The property report also includes findings on these key areas:

  • Total volume and value of property estimates
  • Province-level rate changes for reconstruction costs
  • Industry benchmarks for claim turnaround times
  • Trends for common building materials, such as lumber, drywall, and roofing