Assessment Analyses Highlight Key Risks for Indemnity Leakage
CHARLOTTE, N.C., March 22, 2023 /PRNewswire/ — Appliances and consumer electronics topped the list of electrically powered equipment that policyholders most frequently included in property and casualty insurance claims last year, according to a newly released report. Insurance professionals can use the StrikeCheck 2022 Annual Claims Report to note the changing risk these claimed items could have on carriers’ indemnity leakage and to review trends from nearly 300 different electronics and specialty items.
Last year, adjusters submitted assessment assignments for tens of thousands of electrically powered items included in claims to StrikeCheck, the subsidiary of Alpine Intel that is the nation’s leading provider of electrically powered equipment assessments and desktop review services. The StrikeCheck 2022 Annual Claims Report highlights the overall results of these evaluations, including information related to reported vs. actual cause of loss, repair vs. replacement recommendations, and average pricing nationwide.
“With the increased costs of goods and services, it’s more important than ever for insurance professionals to have access to this level of actionable data,” said Alpine Intel CEO Damon Stafford, who also founded StrikeCheck. “The report provides insights into key trends related to commercial and residential property claims that carriers can use to determine if policies are priced accurately, discover hidden risks, and control indemnity leakage.”
Insurance professionals can delve deeper into information about individual equipment types, including consumer electronics, large appliances, electrical service panels, water heaters, generators, and solar power equipment. The data reveals areas at potential risk for claim leakage. Two examples are that 12% of consumer electronics were in proper working condition at the time of assessment and that 46% of refrigerators were determined to be non-damaged or could be returned to pre-loss condition through a repair. Other information in the report is related to overall trends involving reported causes of loss by month, distribution of claims by state, and frequency of claims by item category.
Those needing more information about lightning losses can also turn to the section about StrikeCheck’s lightning verification report results. The annual claims report gives more information about where lightning was found most often and the percentages of reports that didn’t have lightning present at a loss location during a given time.
Insurance professionals can request their free copy of the StrikeCheck 2022 Annual Claims Report for this information and more.
About StrikeCheck: StrikeCheck eliminates speculation and guesswork to help clients make better claim settlement decisions, providing streamlined and uncomplicated processes for assessing property insurance claims involving electrically powered equipment and other specialty electrical items. With fact-driven onsite assessments, desktop pricing reviews, and lightning reports, StrikeCheck delivers cost-effective and comprehensive claim solutions.
About Alpine Intel: Alpine Intel is dedicated to innovation across a broad range of property insurance intelligence – helping customers reach peak performance throughout the policy life cycle. Through its operating brands, HVACi, Donan, and StrikeCheck, Alpine Intel is respected as the industry leader for its scale and track record of conducting expert, specialized, and accurate investigations nationwide.
EVP of Marketing for Alpine Intel