HVACi Releases 2020 Annual Claims Report
Carriers Have Opportunity to Uncover Hidden Risks and Potential Claims Leakage to Better Understand Their Business
HVACi’s 2020 Annual Claims Report provides carriers with data on thousands of actual claims
CHARLOTTE, North Carolina, February 12, 2020 – HVAC Investigators (HVACi), the nation’s leading provider of HVAC Refrigeration damage assessments for Property and Casualty (P&C) insurance carriers, announced the release of its 2020 Annual Claims Report today. The report provides an analysis of actual 2019 claim data and offers carriers compelling insights into risk management and claim leakage control.
Consistent with previous reports, this year’s findings once again illustrate the critical need for carriers to partner with a third-party expert to evaluate HVAC losses to better control indemnity leakage. For example, as the report notes, 51% of claimed perils investigated by HVACi were recategorized, with 15% of all claimed systems found in proper working condition at the time of the independent assessment. Furthermore, carriers that used an objective, third-party firm realized on average $4,647 in accuracy per residential HVAC claim and $18,925 in accuracy per commercial claim.
This report is compiled annually from many thousands of claims referred to HVACi by the nation’s top carriers in all 50 states. It is distributed at no cost to P&C insurance carriers nationwide to help fulfill HVACI’s mission of providing transparent data to improve the insurance industry.
The 2020 report delves into each policy line to provide a thorough analysis for carriers to compare with their own policy data. Additionally, the report highlights five-year trends and spotlights some of the largest catastrophes of 2019. It also covers popular topics that carriers have come to rely on, including repair vs. replace frequency, reported vs. actual cause of loss, distribution of claims by state, and frequency of claims by system type. New additions to this year’s report include expected values for residential and commercial systems; data trends compared with the previous year’s analysis; and cumulative peril trends. These data points can help carriers to better understand risks hidden in their policies, make efficient resource management decisions, and set appropriate indemnity reserves.
According to Damon Stafford, CEO of CCG IQ, HVACi’s parent company, “Our Annual Claims Report offers carriers an opportunity to review their own policy and historical claims data to see where they may have hidden risks or a potential to better understand their claim exposure. I hope they use this data analysis as a tool to make better underwriting and claims decisions.”
HVAC Investigators (HVACi) is the nation’s leading provider of HVAC and refrigeration damage assessments and part of the CCG IQ group of companies. Our prompt inspections, actionable reports, and national footprint help insurance carriers settle HVAC claims more quickly and with a higher degree of accuracy. To learn more about our services or to submit an assignment, please visit hvaci.com, email info@hvaci.com, or contact us by phone at (888) 407-5224.
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