Xactwares 2013 Property Report Reveals Effects of Record-Breaking Flooding on Property Claims and Reconstruction Cost Trends in Canada - KYTX CBS 19 Tyler Longview News Weather Sports

Xactwares 2013 Property Report Reveals Effects of Record-Breaking Flooding on Property Claims and Reconstruction Cost Trends in Canada

Posted: Updated:

Xactware’s 2013 Property Report Reveals Effects of Record-Breaking Flooding on Property Claims and Reconstruction Cost Trends in Canada

Report: Flooding drives annual claims total to nearly $2.5 billion, has strong influence on rebuilding costs

LEHI, Utah / ACCESSWIRE / March 20, 2014 / Xactware’s annual property report for Canada reveals that the record-breaking flooding of 2013 had a significant impact on property claim trends and reconstruction costs. Xactware is a Verisk Analytics (Nasdaq:VRSK) company that provides cloud-based claims solutions through mobile, online, and desktop platforms for the property insurance and restoration industries.

“The flooding in Alberta and Toronto had the greatest effect on the cost of building materials and labour of all the events that took place in Canada last year,” said Joel Dagenais, Xactware’s Canadian and international consultant and president of Logiciel AXP Software.

Xactware’s 2013 Property Report for Canada shows the flooding that struck Alberta and Toronto drove total monthly property claims to $336.3 million in July and then $390.4 million in August. The property report bases its findings on claims processed throughout 2013 by Xactware’s claims management and analytical network, XactAnalysis(R), with a total value of nearly $2.5 billion.

The flooding also had an incredible effect on reconstruction costs in Canada. Xactware’s Reconstruction Index shows the national cost to rebuild grew 4.91 per cent, more than double the rate increase from 2012.

“Xactware’s research shows that, compared with the prior year, construction costs for common repairs increased 7.17 per cent in Alberta, while the national average only grew 4.15 per cent,” said Mike Fulton, Xactware’s vice president of Pricing Data Services.

Xactware’s annual property report provides a wealth of information about important trends in the Canadian property insurance industry. In addition to an in-depth overview on the value of property claims and reconstruction costs, Xactware’s 2013 Property Report for Canada includes findings on these key areas.

  • the average value of claims by month and type of loss (such as water, hail, and wind)

  • a comparison of home market value and reconstruction cost trends

  • trends for commonly used building materials (such as lumber, drywall, and roof shingles)

About Xactware’s 2013 Property Report for Canada

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 26,000 surveys with material and equipment suppliers and more than 9,000 surveys with repair contractors and service providers during 2013. Xactware also analyzed in excess of 4.9 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 Canada.

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

- 0 -

PR13_250x_Can

Source: Xactware

HUG#1769707

ReleaseID: 413293

  • Local NewsMore>>

  • UPDATE: Thomas Liles indicted on tampering with physical evidence in Quitman toddlers death case

    UPDATE: Thomas Liles indicted on tampering with physical evidence in Quitman toddlers death case

    Tuesday, September 16 2014 5:20 PM EDT2014-09-16 21:20:10 GMT
    Thomas Liles (photo: Wood Co. Jail) Thomas Liles (photo: Wood Co. Jail)
    UPDATE: QUITMAN (KYTX) - A Wood County grand jury has indicted Thomas Wayne Liles on a charge of tampering with physical evidence after his girlfriend's children were found dead July 24, 2014.More >>
    UPDATE: QUITMAN (KYTX) - A Wood County grand jury has indicted Thomas Wayne Liles on a charge of tampering with physical evidence after his girlfriend's children were found dead July 24, 2014. More >>
  • Obama outlines expanded plan to fight Ebola

    Obama outlines expanded plan to fight Ebola

    Tuesday, September 16 2014 5:03 PM EDT2014-09-16 21:03:55 GMT
    (Photo: Mandel Ngan, AFP/Getty Images)(Photo: Mandel Ngan, AFP/Getty Images)
    Calling Ebola a threat to both global health and national security threat, President Obama said Tuesday he is sending 3,000 troops to West Africa to help contain the deadly virus and prevent it from spreading to the United States and across the globe.More >>
    Calling Ebola a threat to both global health and national security threat, President Obama said Tuesday he is sending 3,000 troops to West Africa to help contain the deadly virus and prevent it from spreading to the United States and across the globe.More >>
  • Peterson's attorney responds to new allegations he injured another son

    Peterson's attorney responds to new allegations he injured another son

    Tuesday, September 16 2014 9:18 AM EDT2014-09-16 13:18:09 GMT
    HOUSTON (KHOU) -- New accusations against Adrian Peterson come from another mother who has another four-year-old son of Peterson, and also involve Peterson striking his boy as a form of discipline.Peterson's attorney Rusty Hardin responded with the following statement:The allegation of another investigation into Adrian Peterson is simply not true. This is not a new allegation, it's one that is unsubstantiated and was shopped around to authorities in two states over a year ago and nothing came...More >>
    HOUSTON (KHOU) -- New accusations against Adrian Peterson come from another mother who has another four-year-old son of Peterson, and also involve Peterson striking his boy as a form of discipline.Peterson's attorney Rusty Hardin responded with the following statement:The allegation of another investigation into Adrian Peterson is simply not true. This is not a new allegation, it's one that is unsubstantiated and was shopped around to authorities in two states over a year ago and nothing came...More >>
Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KYTX. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.