Perhaps most troubling, the number of medical-related referrals in the workers' comp category, as well as vehicle hail damage
claims both showed a steep upswing.
"Insurance adjusters need an affordable, timely source for tracking hail damage
. Our highly refined algorithms produce incredibly detailed and accurate hail swath maps, and we are eager to show them off."
Questionable claim referrals in the property category saw an increase of 15 percent from the previous year, with a notable percent change in hail damage
If an insurer is pricing weather risk on a statewide basis rather than by smaller geographical areas, it may be "missing the mark in terms of the actual hail damage
. So, understanding where those gaps are and where you may be misaligning the pricing in terms of the actual risk on a by peril basis is going to be key to understanding the drivers of your profitability going forward," Hosfield said.
Geography impacts where hail damage
will be most prevalent, with the Midwest region experiencing higher claims.
Because one of the characteristics of hail damage
is granule loss, some controversy arises from granule loss caused by other conditions.
Of the 45% of claims originally reported as hail damage
, only 33% had actual damage.
One of the first projects the groups expect to undertake relates to reducing hail damage
to homes and businesses, a problem that costs more than a billion dollars each year.
Those estimates undershot the average claim amounts for wind and hail damage
($10,200) and for flood damage ($92,000).
"Since 2008, we've had more than $10 billion in hail damage
Both cases involved hail damage
to properties insured by State Farm Lloyds.