To help insurers navigate the increasing complexity in the market, Verisk has developed the Market Expectations Index for 360Value.
Verisk is analyzing the multi-faceted impacts from recent catastrophes, including Hurricane Idalia, Canadian and Hawaiian wildfires.
Insurers must explore changes affecting their risk portfolio and leverage component- and property-level insights to help them maintain ITV.
Current and curated data about a structure’s age, square footage, and use are the backbone of reliable reconstruction cost estimates (RCEs).
Total reconstruction costs increased 4.3% from July 2022 to July 2023. This uptick follows the 3.1% increase from April 2022 to April 2023.
Market value and reconstruction cost estimates are unique measures subject to different forces; only RCEs should be used for coverage.
Despite mitigation measures, natural hazards may still cause damage, and insurers need actionable data to guide underwriting and pricing.
From estimating to calculating: Predictive modeling and machine learning remove the guesswork from evaluations.
Total reconstruction costs, including materials and labor, increased 3.1% from April 2022 to 2023. Costs continue to slow down and steady.
The truest test of an ITV solution is how it performs with actual losses, which can yield critical data to validate and calibrate RCEs.
Total reconstruction costs, including materials and labor, increased 6.8% from January 2022 to January 2023, a drop from the last quarter.
Verisk data shows the cost to rebuild a property is still more than 11 percent higher, on average, than it was pre-pandemic.
Total reconstruction costs, including materials and retail labor, increased by 9.3% from October 2021 to October 2022.
Verisk's 360Value Quarterly Reconstruction Cost Analysis shows materials and labor prices rose 3 percent from July 2021 to July 2022.
Knowing when a property has been updated is critical, as these changes can add new liability risks and insurance-to-value considerations.
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