Wheaton, Ill., Jan. 13,
2009—Homeowners insurers now have access to a
new report on causes of loss in the line.
The American Association of
Insurance Services (AAIS) recently posted its
latest Homeowners Cause of Loss Report on
its AAISdirect web service. AAIS is a
national insurance advisory organization and
licensed statistical agent that develops policy
forms and rating information for 24 lines of
personal, commercial, farm, and inland marine
insurance. More than 600 property/casualty
insurers use one or more of these programs.
The latest Homeowners
Cause of Loss Report indicates the
percentage and average severity of losses due to
property perils and liability claims incurred by
carriers that report homeowners statistical data
to AAIS.
The latest report has been
updated from previous versions to provide loss
information for each state and the entire
country from 2005 through 2007, as well as for
the combined three-year period. The data is
provided for calendar-accident years, making the
report more valuable to company personnel
charged with underwriting, pricing, and loss
reserving.
For 2005-07, the report
provides the following countrywide results, as
well as information on average severities:
|
Cause
of loss |
Percentage of
incurred loss
including catastrophes |
Percentage of
incurred loss
excluding catastrophes |
|
Property peril |
|
|
|
Fire |
33.1% |
42.2% |
|
Lightning |
2.0% |
2.6% |
|
Wind |
18.3% |
6.3% |
|
Hail |
11.6% |
5.0% |
|
Water
damage |
14.3% |
18.3% |
|
Freezing |
2.0% |
2.3% |
|
Theft |
3.6% |
4.6% |
|
Other
property losses |
9.6% |
11.7% |
|
Property total |
94.5% |
93.0% |
|
Liability claim |
|
|
|
Bodily
injury |
2.7% |
3.4% |
|
Property damage |
1.1% |
1.4% |
|
Medical
payments |
0.2% |
0.2% |
|
Other
liability losses |
1.6% |
2.0% |
|
Liability total |
5.5% |
7.0% |
Totals may not add to 100
due to rounding.
The Homeowners Cause of
Loss Report is available at no additional
charge to insurers that utilize both the AAIS
Homeowners Program and AAISdirect. For
other companies, including those not affiliated
with AAIS, the report is available for a fee.
For information on acquiring
a copy of the latest AAIS Homeowners Cause of
Loss Report, contact Rick Maka, director of
marketing, at
rickm@AAISonline.com or by
calling 800-564-AAIS.
