Total reconstruction costs increased 5.1% from October 2022 to 2023. This uptick follows the 4.3% increase from July 2022 to July 2023.
To help insurers navigate the increasing complexity in the market, Verisk has developed the Market Expectations Index for 360Value.
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 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.
Florida’s statutory environment surrounding coverage for roofs may demand more robust data to clarify risk amid increasing complexity.
Enhance ITV with 360Value for Commercial Property, which includes monthly price updates and an a pioneering method for estimating contents.
Undisclosed drivers cause the most premium leakage in auto insurance, but data across the policy life cycle can help tackle the problem.
How can auto insurance leaders adapt and stay competitive amid evolving pandemic-related trends? The key may be a digital ecosystem.
Personal auto mileage has fluctuated widely through the pandemic and the emerging new normal. It may be time for insurers to leverage analytics to avoid premium leakage.
The cost of motor vehicle reports (MVRs) continues to climb for insurers; the latest Verisk analysis shows the nationwide average at $10.32.
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