Xactwares 2013 Property Report Reveals Impact of Oklahoma Tornadoes on Estimate Trends - kcentv.com - KCEN HD - Waco, Temple, and Killeen

Xactwares 2013 Property Report Reveals Impact of Oklahoma Tornadoes on Estimate Trends

Posted: Updated:

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

LEHI, Utah / ACCESSWIRE / March 19, 2014 / 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(R).

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.

About Xactware

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 Xactware.com.

Twitter: Xactware

For media information, please contact:

Jens Dana
801-932-8653
jadana@xactware.com

PR13_250x

 

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

 

Source: Xactware

HUG#1769683

ReleaseID: 413237

  • Latest NewsMore>>

  • Bell County Passes Resolution to Ban Housing Immigrant Children

    Bell County Passes Resolution to Ban Housing Immigrant Children

    Monday, July 28 2014 11:48 PM EDT2014-07-29 03:48:57 GMT
    (KCEN) --Bell County is the latest county in Texas to pass a controversial resolution that would ban the housing of undocumented immigrant children.The resolution was passed at Monday’s commissioner’s court meeting.It’s similar to resolutions recently passed in Jefferson, Brazoria and Galveston counties. Local immigration activists say they're appalled at the lack of consideration. “You're telling me, hey let's just throw you in the trash and look the other way and keep going,” said God’s C...More >>
    (KCEN) --Bell County is the latest county in Texas to pass a controversial resolution that would ban the housing of undocumented immigrant children.The resolution was passed at Monday’s commissioner’s court meeting.It’s similar to resolutions recently passed in Jefferson, Brazoria and Galveston counties. Local immigration activists say they're appalled at the lack of consideration. “You're telling me, hey let's just throw you in the trash and look the other way and keep going,” said God’s C...More >>
  • Antonio Finally Gets His Make a Wish

    Antonio Finally Gets His Make a Wish

    Monday, July 28 2014 11:28 PM EDT2014-07-29 03:28:18 GMT
    Antonio by a tree in his orchardAntonio by a tree in his orchard
    (KCEN) – They told him to wish big… and boy did he. On Monday, just one day after his eighth birthday, Antonio Laguna finally got his Make a Wish. “Lots of waiting,” he laughed just moments before getting to see his greenhouse and orchard. “I’m so excited. It’s going to be fun.” And it was. With the plants in place, his tools waiting, and the red ribbon up, Antonio walked outside to see his dream picking farm. “It’s so amazing,” he giggled standing in his greenhouse. “I can’t believe so many ...More >>
    (KCEN) – They told him to wish big… and boy did he. On Monday, just one day after his eighth birthday, Antonio Laguna finally got his Make a Wish. “Lots of waiting,” he laughed just moments before getting to see his greenhouse and orchard. “I’m so excited. It’s going to be fun.” And it was. With the plants in place, his tools waiting, and the red ribbon up, Antonio walked outside to see his dream picking farm. “It’s so amazing,” he giggled standing in his greenhouse. “I can’t believe so many ...More >>
  • New Case Of Rabies On Fort Hood

    New Case Of Rabies On Fort Hood

    Monday, July 28 2014 10:06 PM EDT2014-07-29 02:06:42 GMT
    KCEN HD NewsKCEN HD News
    (KCEN) -- Another case of rabies is discovered on Fort Hood Monday.A bat was found near a Department of Public Works' motorpool building and has tested positive for the disease.Fort Hood Veterinary personnel and Darnall Army Medical Center are investigating this recent case for possible exposures.This is the fifth confirmed case of rabies on post since May 12. Officials said everyone on Fort Hood should be aware and avoid handling wild or stray animals.If you notice any wildlife or stray anim...More >>
    (KCEN) -- Another case of rabies is discovered on Fort Hood Monday.A bat was found near a Department of Public Works' motorpool building and has tested positive for the disease.Fort Hood Veterinary personnel and Darnall Army Medical Center are investigating this recent case for possible exposures.This is the fifth confirmed case of rabies on post since May 12. Officials said everyone on Fort Hood should be aware and avoid handling wild or stray animals.If you notice any wildlife or stray anim...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KCEN. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.