To help insurers navigate the increasing complexity in the market, Verisk has developed the Market Expectations Index for 360Value.
Insurers must explore changes affecting their risk portfolio and leverage component- and property-level insights to help them maintain ITV.
A new Verisk analysis finds the national average motor vehicle report (MVR) fee has risen to $10.65 and increased more than 25 percent over the past decade.
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.
From estimating to calculating: Predictive modeling and machine learning remove the guesswork from evaluations.
Determining or verifying key risk characteristics of insured property or vehicles can be costly, labor-intensive, and time-consuming.
Total reconstruction costs, including materials and labor, increased 3.1% from April 2022 to 2023. Costs continue to slow down and steady.
Verisk has seen a marked increase in insurers seeking strategic sourcing of non-rate actions to confront premium leakage in 2023.
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.
The Zipf-Mandelbrot Law has rarely been used in insurance—until now.
Verisk data shows the cost to rebuild a property is still more than 11 percent higher, on average, than it was pre-pandemic.
Non-rate actions that don’t require a rate filing are one of the fastest ways to help with insurers’ profitability during a hard market.
Florida’s statutory environment surrounding coverage for roofs may demand more robust data to clarify risk amid increasing complexity.
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