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Articles by George Hosfield
LexisNexis Risk Solutions Enhances Game-Changing Home Insurance AI Solution Flyreel to Expedite and Improve the Home Underwriting Process
To address rising loss ratios and workforce challenges, LexisNexis® Risk Solutions has announced enhancements to LexisNexis® Flyreel®, the insurance data and analytics leader’s recent acquisition that uses artificial intelligence (AI) and machine learning to enable self-service property inspections. With these enhancements, U.S. insurers can now configure the Flyreel AI solution with their own underwriting preferences.
Extreme Weather, COVID, Home Claims
Advertisement Home::Uncategorized::Extreme Weather, COVID, Home Claims October 31, 2021 by George Hosfield Summary: Extreme weather in the U.S. increased losses in 2020, while COVID reduced liability and theft claims because more people stayed home. Photo Courtesy of Pexels In 2020, catastrophic weather, including severe wildfires, seven major hurricanes and a destructive derecho drove the proportion of catastrophe losses up 40% from 2019.
Strategies for addressing wildfire risk
Wildfires contributed to a 46% increase in fire severity for U.S. carriers in 2018 and making it critical for them to factor an extended fire season into their predictive models. (Photo: Shutterstock) U.S. insurance carriers are challenged to reduce their exposure to loss as wildfires consume ever-larger areas of the country.
Intensifying weather events are driving higher losses for insurers
Market Insights Across the country, loss costs increased 19% over the previous year.
Data insights and fire claims
Analysis New data-driven models can help carriers achieve more accurate and profitable policy pricing for catastrophe claims. Fire peril is increasing sharply in both severity and proportion of catastrophe claims. (Photo: Shutterstock) California wildfires contributed heavily to making 2017 an expensive year for catastrophe claims, burning more than 10 million acres and resulting in a record number of fire claims, accounting for 30% of all fire loss costs.
Home Insurance By-Peril Data Can Help Insurers Better Manage Risk
According to data from the National Oceanic and Atmospheric Administration, 2017 was the costliest year on record regarding natural disasters in the United States. In August, Hurricane Harvey broke the rainfall record for a single tropical storm. California saw its most destructive wildfire season ever (2018 notwithstanding).
Insurance technology lessons from 2017
Photo- and video-based mobile apps can help expedite the claims filing process for insureds. (Photo: Shutterstock) Hurricanes Harvey, Irma and Maria; the California wildfires; and a succession of other natural catastrophes made 2017 an expensive year for disaster losses. Traditionally, the year following record-breaking catastrophes inevitably leads some insurers to reassess rate increases and possibly cease writing high-risk new policies.
4 trends by peril for home insurers to know
Homeowners need coverage against damage from wind, fire, hail and water, and insurance companies need data to assess risk and set prices appropriately. (Photo: Shutterstock) Home insurance carriers are consistently looking for new tools to reduce risk and price with more precision. New research from LexisNexis Risk Solutions sets out to help them manage their business better by providing data on trends related to specific perils that impact the home insurance industry.
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