Xactware’s 2012 Property Report for Canada Reveals Impact of Storms on Claims Estimate Activity
Report: Total value of property estimates reported to Xactware exceeds $1.8 billion last year
Floods, windstorms, thunderstorms, and hail all had an impact on the total value of claims estimates reported last year in Canada, according to a new report from Xactware.
Xactware’s 2012 Property Report for Canada shows that the total value of claims estimates surpassed $1.8 billion last year. August and September were the busiest months of 2012, with a combined total of nearly $440 million. Of all the Canadian provinces, Ontario, Alberta, and Quebec reported the highest amounts of insured losses. Although storm activity was above average last year, Xactware didn’t observe any significant increases in building costs.
“Canada experienced a fairly active storm season in 2012, but Xactware’s research team noted only minor overall cost increases,” said Joel Dagenais, Xactware’s Canadian and international consultant and president of Logiciel Axp Software. “Restoration contractors were able to meet the demand for services after each event.”
Xactware’s 2012 Property Report bases its findings on claims estimates processed last year by Xactware’s claims assignment and analytical network, XactAnalysis®.
In addition to an in-depth overview of the value of claims estimates, Xactware’s 2012 Property Report also includes findings on these key areas:
- The average value of claims estimates by month and type of loss, such as wind, water, and fire
- Reconstruction cost trends for each Canadian province
- Trends for common building materials, such as lumber, drywall, and shingles
- The growing prominence of green building materials and techniques in Canada
About Xactware’s 2012 Property Report for Canada
Xactware’s in-house team of experts researched, analyzed, and compiled information contained in the property report. This team, which has more than 590 years of combined construction and restoration experience, conducted more than 12,000 direct surveys with material and equipment suppliers as well as more than 10,000 surveys with repair contractors and service providers throughout Canada during 2012. Xactware also analyzed more than 3.3 million data points from repair and rebuild estimates to tabulate information in the report.
Visit the Xactware Online Store to order a copy of the 2012 Property Report for Canada.
Xactware Solutions (Xactware) is a Verisk Analytics (Nasdaq:VRSK) company that specializes in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or www.xactware.com.