Report: Claims costs for storms, lightning, and falling trees triple in fourth-quarter 2013
LONDON — The St. Jude storm and Windstorm Xaver had a significant impact on claims costs at the end of last year, according to Xactware’s 2013 Property Report for the United Kingdom. Xactware is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
‘Storm damage, lightning, and falling trees accounted for 9.8 per cent of claims costs that Xactware analysed during the first three quarters of 2013’, said James Bowen, Xactware’s team leader of Pricing Data Services. ‘The October St. Jude storm and the December Xaver storm more than tripled the share of storm-related claims in the fourth quarter of 2013 to 30.4 per cent of all claims reported to Xactware’.
Although rising demand for construction services and materials in the wake of a weather catastrophe sometimes pushes prices higher, Xactware research showed the fourth-quarter storms had minimal impact on construction costs.
The report’s findings are based on claims estimates processed in 2013 by Xactware’s claims management and analytical network and on research conducted by its London-based Pricing Data Services team. This team analysed tens of thousands of data points during 2013 to compile the report.
The property report also discusses these key findings:
activity in the construction, home improvement, and reconstruction sectors
claims activity by region and peril type
raw and retail costs for copper and lead
internal finishes, such as flooring, plasterboard, and paint
the effect of global timber shortages on U.K. prices
the landfill tax hike and its effect on waste disposal costs
‘St. Jude’s and Xaver’s devastating impact on claims and near-nonexistent impact on construction costs show the value of having insight on important trends in the construction and restoration sectors’, said James Grant, Xactware’s managing director of the U.K. ‘The information contained in the property report can be an invaluable asset for property professionals as they make important business decisions during 2014’.
Visit Xactware.co.uk to get a PDF of Xactware’s 2013 Property Report for the United Kingdom.
Xactware specialises in technologies for the property insurance, remodeling, restoration, and mortgage and lending industries. Xactware’s tools provide claims estimating, contents replacement, claims management, and property maintenance solutions for desktop, mobile, and online platforms. Xactware’s services include repair cost research and reports, aerial imagery, and real-time business intelligence. Xactware has been providing cloud services for customers since 1995. Xactware is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information about Xactware’s solutions, contact Xactware at 020 7680 4970 or Xactware.co.uk.