It’s in the best interest of North Carolina carriers to closely monitor Hurricane Florence recovery. Florence, which made landfall in September 2018, confirmed a recent trend in hurricane activity –a hurricane’s category no longer tells the whole story. In the days before Hurricane Florence reached North Carolina, it was downgraded from a Category 4 hurricane …
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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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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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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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For nearly a decade, BuildFax has been the leading source of property history and condition insights for some of the largest insurance companies in the country. Leveraging the nation’s largest database of building permits, construction data, and other publicly sourced information, BuildFax delivers detailed intelligence on roof, condition, maintenance history, and remodeling for more than …
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Hurricane season is right around the corner, and five to nine Atlantic hurricanes are in the forecast. There’s a great article from Facility Executive that we ran across recently, which outlines a few ways to reduce personal property losses and storm-related injuries. Business Interruption Exposure The first thing they bring up is reducing exposures …
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We recently published a study on remodeling from three unique perspectives: historical, national, and regional. The historical perspective is particularly compelling because it reveals a pronounced shift in investments after the housing crisis of 2008. The graph above shows residential new construction and existing structure construction spending throughout the course of the housing crisis. Notice …
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BuildFax recently published a study about neglected commercial spaces. We looked at the more than 5.2 million commercial properties in our database and took a representative sample, where we have more than 30 years of data coverage. We flagged these properties for permit activity in 10, 20, 30 and 30+ year time frames. The …
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Although abandoned construction projects are relatively uncommon, they are something that should be on your radar – especially as they impact your business. Abandoned construction projects can indicate a few things: The condition of the property doesn’t match its completed post-construction value/exposure Part of the project may not have been built to safety code which can put a …
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