November 27, 2018
Camp Fire claimed at least 153,000 acres and more than 14,000 structures in Butte County. According to BuildFax data, maintenance activity – construction performed on properties – in the area increased 8.57 percent year to date compared to January through October 2017. This suggests carriers may not have accurate assessments of the wildfire’s true damage...
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October 9, 2018
Insured losses from U.S. catastrophes surpassed $134 billion last year and marked the costliest year on record for weather disasters. While 2018 has been a milder year for catastrophes – though already passing $20 billion in insured losses – it’s clear 2017 losses are still on the minds of U.S. carriers as they move into...
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August 9, 2018
California is on track to have one of worst wildfire seasons in its recorded history this year. This is no small measure considering 2017 was a record year for fires. Statewide wildfire claims in October and December of 2017 alone totaled almost 45,000 and represented $12 billion in losses, according to the state, making it...
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July 31, 2018
As a result of the hyperactive and catastrophic hurricane and wildfire seasons, the U.S. property and casualty market has seen notable rate hikes in 2018. Premium rates increased 2.5 percent in the second quarter alone, according to MarketScout. However, there is hesitation around whether consistent price hikes are a sustainable strategy in the long term,...
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July 2, 2018
Discussions around applying artificial intelligence and analytics to insurance were in full gear this week as carriers and industry pioneers, BuildFax included, gathered at Insurance AI and Analytics 2018. The event was focused on the ways in which insurance carriers can leverage analytics tools and insights to meet customer demands as well as their own...
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May 31, 2018
The Atlantic is expected to produce 10 to 15 named storms in the six-month season that starts June 1, according to the National Oceanic and Atmospheric Administration (NOAA). Of the 10 to 15 storms, 5 to 9 could become hurricanes, reaching winds of 74 mph or higher. Just days before the official start to the...
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April 27, 2018
Following an extremely active and costly Atlantic hurricane season, how can Florida carriers drive reinsurance negotiations to secure more favorable terms? With Florida not having faced a costly disaster in more than a decade, it’s never been more important for carriers to leverage trusted third-party data, in addition to catastrophe models, during reinsurance conversations. In...
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February 22, 2018
Catastrophic weather events leave a lot of valuable information in their wake that can shine a light on future storm recovery and help insurance carriers improve the accuracy of future loss estimates. This infographic breaks down four things carriers should know about hurricane recovery. Want to learn more? BuildFax founder and CEO, Holly Tachovsky,...
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January 12, 2018
Property Casualty 360 recently published an article by BuildFax founder and CEO, Holly Tachovsky. In the article, Holly analyzes historical construction activity for some of the country’s costliest storms, which brings clarity and insight to current recovery efforts for recent storms Irma and Harvey. Highlights from the article include: The intelligence that can come out...
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January 11, 2018
Reinsurance rates are expected to rise this year, so it’s more important than ever for carriers to do everything they can to ensure the property details they have on their book are accurate and up-to-date. BuildFax observes that all too often, carriers are paying for more reinsurance coverage than they need because they’re not aware...
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