LEHI, Utah— Wednesday, July 29, 2020 — Wind and water damage from notable disasters, such as Hurricane Dorian and spring hailstorms, drove property claims activity throughout 2019, according to Xactware's recently released 2019 U.S. Property Report. Xactware is a Verisk Analytics (Nasdaq:VRSK) business.
About 26 percent of all property claims were caused by wind in 2019. Water damage accounted for 25 percent, and hail was the cause of about 16 percent of property losses. Reconstruction costs in the United States rose 3.4 percent by the end of the year. Xactware's 2019 U.S. Property Report also shows the effect Hurricane Dorian and other disasters had on claims and the cost of building materials and labor.
“Hurricane Dorian caused billions of dollars in damages along the coasts of the Southeastern United States,” said Greg Pyne, Xactware's vice president of Pricing Data Services. “At the state level, reconstruction costs rose about 2.5 percent in Florida, 4.2 percent in Georgia, and about 3.2 percent in North Carolina by the end of 2019. Many storm-struck areas reported higher increases as property professionals ramped up to meet the high demand for repair and mitigation work after the hurricane.”
Xactware's 2019 U.S. 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
- Rate changes for reconstruction costs by state
- Trends for common building materials such as lumber, drywall, and roofing
- Industry benchmarks for claim turnaround times
Xactware's 2019 U.S. Property Report is digital and interactive and available for instant access. For more information, visit Xactware.com.