Data Reveals the Elevated Potential for Claims Leakage on Daily and Catastrophe HVAC Claims
Trends in HVACi’s 2018 Annual Claims Report expose the risks facing insurance carriers on HVAC claims settled without the engagement of a subject matter expert
CHARLOTTE, North Carolina, March 14, 2018 – HVAC Investigators (HVACi), the nation’s leading provider of HVAC and Refrigeration damage assessments for Property & Casualty insurance carriers, announced the release of its highly anticipated 2018 Annual Claims Report today. The data included in the report affords insurance carriers an opportunity to analyze where claims leakage is occurring and how it can be reduced to improve accuracy. The information also provides valuable insights for setting expense reserves and making staffing decisions. Finally, this analysis highlights the importance of establishing a standardized process that includes a third-party subject matter expert to handle HVAC claims more consistently and with a higher degree of accuracy.
HVACi’s Annual Claims Report is distributed to Property & Casualty insurance carriers nationwide. It includes statistics from many thousands of actual claims assigned to HVACi by the nation’s top carriers. These figures are derived from the results of both onsite inspections and desktop reviews of residential and commercial claims (both daily and catastrophe) in all 50 states, for all perils, and across all major equipment types.
This year’s report includes the topics carriers have come to depend on, such as Claim Accuracy, Reported vs. Actual Cause of Loss, Repair vs. Replace Frequency, Recommended Action by Peril, and Frequency of Claims by Equipment Type. The report also provides data on three of the year’s most devastating catastrophic events — Hurricane Harvey, Hurricane Irma, and the California Wildfires — to help carriers determine where processes can be improved to reduce claims leakage on catastrophe losses. New additions to this year’s report also include a distribution of claims by state, five-year catastrophe claim trending, and average age of equipment by refrigerant type.
According to Matt Livingston, Co-Founder of HVACi, “HVACi’s 2018 Annual Claims Report is particularly meaningful for insurance carriers. The losses following the extraordinary catastrophe events of 2017 makes understanding how to better control indemnity leakage critical. This report conclusively proves that establishing a consistent process for HVAC claims that includes an objective expert can improve the accuracy of claims settlements.” This report will be made available immediately to insurance professionals.
HVAC Investigators (HVACi) is the nation’s leading provider of HVAC and refrigeration damage assessments. 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 email@example.com, or contact us by phone at (888) 407-5224.