Xactware’s 2013 Property Report Reveals Impact of Oklahoma Tornadoes on Estimate Trends
Report: Tornadoes have strong effect on monthly repair estimate totals, minimal impact on building costs
Xactware’s annual property report for the United States reveals that the Oklahoma tornadoes in May had the largest effect on property repair estimate trends of all U.S. catastrophes that occurred in 2013. Xactware is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
Xactware’s 2013 Property Report for the United States shows that the monthly value of property repair estimates submitted by contractors and insurance professionals peaked in May ($3.33 billion) and June ($3.32 billion). That trend follows the tornadoes that wreaked havoc throughout Oklahoma in May. In August, the monthly value of repair estimates began to decline and continued to do so for the rest of the year. The property report bases its findings on about 3.65 million repair estimates processed throughout 2013 by Xactware’s claims management and analytical network, XactAnalysis®.
Although the Oklahoma tornadoes were the most prominent catastrophe of the year, a few other events occurred as well, including hailstorms in Texas, wildfires and flooding in Colorado, and tornadoes in the Midwest. However, those catastrophes had little effect on overall reconstruction costs. That distinction goes to Superstorm Sandy, which made landfall October 29, 2012.
“Even though Superstorm Sandy struck in 2012, it had the largest net impact on construction costs last year at an estimated 7 percent in New York and New Jersey,” said Mike Fulton, Xactware’s vice president of Pricing Data Services. “The specific effects of the various fires, tornadoes, and flooding were less pronounced because they were diluted by the overall market resurgence that took place last year.”
Xactware’s annual property report provides a wealth of information about important trends in the property insurance industry. In addition to an in-depth overview on the value of repair estimates, Xactware’s 2013 Property Report for the United States includes findings on these key areas.
- the average value of property repair estimates by month and type of loss (such as wind, water, and hail)
- the total number and value of personal property estimates by category (including electronics, jewelry, and clothing)
- reconstruction cost trends for each state and the District of Columbia
- trends for commonly used building materials (such as lumber, drywall, carpet, and roof shingles)
“Last year was an incredibly unpredictable year for the property industry,” said Jim Loveland, Xactware’s president and CEO. “Studying the information contained in Xactware’s property report for 2013 is the best way to quickly gain an understanding of last year’s trends as well as prepare for the year to come.”
About Xactware’s 2013 Property Report for the United States
Xactware’s in-house team of pricing experts researched, analyzed, and compiled the information contained in the 2013 property report. This team, with 560-plus years of combined construction and restoration experience, conducted more than 172,000 surveys with material and equipment suppliers and more than 100,000 surveys with repair contractors and service providers during 2013. Xactware also analyzed in excess of 86 million data points from repair and rebuild estimates to tabulate information in the property report.
Visit the Xactware Online Store to order a copy of the 2013 Property Report for the United States.
Xactware specializes 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 1-800-424-9228 or www.xactware.com.