CHARLOTTE, N.C., March 22, 2023 /PRNewswire/ -- Insurance professionals now have access to the most current claims data to refer to as the increased costs of goods and services continue to impact the insurance industry. The newly released HVACi 2022 Annual Claims Report is a single source for HVAC system claim trends and exposes key areas for potential claims leakage risk.
Each year thousands of adjusters seek help from HVACi, the branch of Alpine Intel that serves as the nation's leading provider of HVAC and refrigeration assessments for insurance carriers. Insurance professionals receive cause of loss, scope of damage, and repair and replacement recommendations with market value pricing. The annual claims report reflects these assessment results for nearly 100 types of HVAC and refrigeration equipment included in claims nationwide in 2022.
"This year, it's more essential than ever for adjusters and insurance professionals to rely on the claims report for critical insights that help strengthen decision making carrier-wide and on individual claims," said Alpine Intel CEO Damon Stafford, who founded HVACi more than a decade ago.
Readers can review overall trends, such as that the average accuracy per residential HVAC claim was $6,567 or that 56% of reported causes of loss were recategorized following HVACi's independent assessment. The report also delves deeper into the individual equipment types often found in residential, commercial, and multi-system large loss claims, including split systems, package units, boilers, mini-split systems, and geothermal systems.
As adjusters navigate these claims and determine the best method to get policyholders' property back to pre-loss condition, it's critical to note areas more vulnerable to claims leakage. For example, policyholders reported that 21% of all HVAC and refrigeration equipment included in residential claims was damaged by lightning; however, objective assessments determined lightning only impacted 1%. Additionally, more than 40% of all residential equipment was determined to be affected by wear and tear or was non-damaged at the time of assessment.
For systems that did incur failures, not all required full replacement. Nearly 60% of residential equipment with high voltage surge damage, for example, could be returned to pre-loss condition with a minor to major repair. More than 75% of hail-impacted commercial systems could be repaired.
"By knowing these trends, insurance professionals can use the data to help determine if their carrier's policies are priced accurately and to control indemnity leakage," Stafford said. "It also highlights the importance of objective third-party expert analysis before settling claims."
The HVACi 2022 Annual Claims Report is a free resource provided to insurance professionals who request it.
About HVACi: HVAC Investigators (HVACi) provides a better all-in-one HVAC and refrigeration system claims solution and desktop pricing review option for insurance carriers. HVACi simplifies how claims are handled by leveraging an extensive in-field network, innovative processes, and engineering best practices to produce objective, timely, and actionable assessment reports.
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
SOURCE HVAC Investigators
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