Countdown to Phaseout of New R-22 Production

Days
Hours
Minutes
Seconds

The data included in HVACi’s Annual Claims Report is derived from the results of both onsite inspections and desktop reviews of residential, commercial, and large loss claims. Included is claim data from claims in all 50 states, for all causes of loss, and across all major equipment types and manufacturers. The report is distributed to insurance carriers nationwide to impart a deeper understanding of the trends related to HVAC insurance claims.

A new section devoted entirely to catastrophe claims has been added to the 2017 Annual Claims Report. Global natural disaster events in 2016 were at a 4-year high, and 6 of the year’s 10 costliest loss events occurred in the United States (Aon Benfield, 2017). It is important for carriers to analyze these events apart from daily claims to help adequately address the increasingly frequent weather challenges brought about by climate change. Also newly added is year-over-year trending data for data points such as overall claimed amount, theft claims, and refrigerant type. By analyzing data over a number of years, we are able to isolate anomalies, and more accurately predict future trends.

The data in this report provides an opportunity for P&C carriers to embark on analytics projects to uncover where indemnity leakage can most effectively be addressed. By analyzing Reported vs. Actual Cause of Loss, Repair vs. Replace Frequency, Average Claim Accuracy, and Frequency of Coverage by System Age, carriers can determine where they may be most at risk for indemnity leakage. Furthermore, the data presented here allows carriers to create more accurate indemnity and expense reserves by incorporating averages for Frequency of Claims by System Type, Reported Cause of Loss by Month, Age of System by Claimed System Type, and Recommended Action by Peril.

The 2017 Annual Claims Report suggests that HVAC claims represent perhaps the most significant remaining opportunity for property carriers to leverage third party experts to provide objective damage assessments in order to improve claim accuracy.

HVACi's 2017 Annual Claims Report

© Copyright 2017 HVAC Investigators, All Rights Reserved.
All diagnosis is provided in compliance with specific state laws, using licensed contractors where required.