AUSTIN, Texas--(BUSINESS WIRE)--BuildFax, a leading provider of property condition and history insights for the largest lenders, insurers and real estate companies, released its findings today on reinsurance negotiation opportunities for carriers enhanced by deeper insights into remodeling trends that augment catastrophe model update cycles.
Following the costliest year for natural disasters in recorded U.S. history, BuildFax conducted an in-depth analysis on the history and condition of more than 5 million residential properties in Florida from 2008 to 2017.
“It’s been more than a decade since Florida has experienced a costly disaster like the one it faced last year,” said Holly Tachovsky, CEO of BuildFax. “Hurricane Irma tested Florida’s improved, safer building codes, leading to less-than-anticipated losses. While cat models recalibrate with information from the 2017 storm season, carriers can utilize trusted third party data to engage in more informed and strategic reinsurance negotiations as they head into renewals.”
Results of the report uncovered a variety of property insights carriers can leverage to improve their reinsurance negotiation positions:
- In the last 10 years, Florida experienced a 110.6 percent surge in new roof installations, representing an average annual increase of 8.9 percent;
- 24 percent of residential properties in Florida have roofs less than 10 years old, with 15 percent ranging from 0 to 5 years old and 9 percent ranging from 6 to 10 years old;
- 25 percent of all properties in Florida installed some level of opening protection with a 95 percent increase in opening protection installations in Florida from 2008 to 2017 alone;
- In many cases, carriers aren’t aware of the new roofs or opening protection installations across their books, creating not only a blind spot in catastrophe modeling, but in reinsurance negotiations.
Founded in 2008 and headquartered in Austin, Texas, BuildFax is the leading provider of property condition and history insights. Encompassing more than 23 billion data points on commercial and residential structures, BuildFax’s dynamic database of building permits, construction data and other publicly-sourced information delivers detailed insights into remodeling, solar installations, new construction, roof age, maintenance history and more. To learn more about BuildFax, visit www.buildfax.com.