Search
 

Property damage estimates totaled $51.5 billion in 2016

Fire damage claims averaged $45,482.

By Patricia L. Harman | Updated on May 31, 2017
The average fire damage property claim cost $45,482 in 2016. (Photo: Shutterstock)

It cost a lot more to repair damage property in 2016, according to Xactware’s 2016 U.S. Property Report. The company’s XactAnalysis network processed almost 5 million property estimates last year, totaling $51.5 billion, a significant increase from the $39.6 billion handled in 2015.

The increases mirrored the catastrophe activity seen in April and May with hail, flooding, and tornado claims, as well as the damage in August, October, November and December from Hurricane Matthew, windstorms and thunderstorms. Property estimates reached a high of $5.5 billion in December.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Patricia L. Harman

Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

More from this author

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.