Canadian Property Losses Topped $3.1 Billion in 2020 as Extreme Events and Pandemic Drove Insurance Claims, Xactware’s 2020 Property Report Found
Severe weather plays role in reconstruction costs rising 6.27 percent by the end of 2020
The global pandemic and damage from floods, wind and hail contributed to property claims and pricing trends throughout 2020, according to Xactware’s recently released 2020 Property Report for Canada. The volume of property estimates processed by Xactware peaked in June with 36,026 claims, totaling more $500 million, the report shows.
PCS, a Verisk business, designated 13 catastrophes in Canada in 2020 — up from the eight events reported in 2019. The flooding in Fort McMurray, Alberta, windstorms in Ontario, and hail in June were the cause of the surge in claims activity in what was an already challenging year. Xactware processed 262,527 assignments for a total of more than $3.1 billion in 2020, according to the report. Reconstruction costs grew 6.27 percent nationally by the end of the year, far greater than the 1.85 percent increase in 2019.
Xactware’s 2020 Property Report for Canada examines data from hundreds of thousands of claims and provides insight into property insurance trends leading into 2021. 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
- Cost of personal protective equipment
The property report is digital and available for instant access. For more information, visit Xactware.com.
Xactware Solutions provides computer software solutions for professionals involved in estimating all phases of building and repair. Thanks to a longstanding commitment to invest in research and development, Xactware solutions are used by many of the top property insurance companies in the United States and Canada.