While we are now only a little more than a week into the new year, it can be helpful to look back at the changes during the previous 12 months and view them from a different perspective. This is especially true when it comes to the property/casualty insurance industry, which saw many changes throughout 2015. There were certain news stories and topics that dominated the news, however.
Here are a few of the more important aspects of last year in the property/casualty industry:
- Economic and marketplace changes: While the economy is improving, technology, web-based marketing and customer service, pricing models and continuing low interest rates, will continue to make it a competitive environment. For property insurers, the scarcity of labor in the construction industry which offsets the moderation of material/supply pricing has lead to steeper costs for rebuilding structures.
- Regulatory changes: Increasing regulation at both the federal and state level, including rules on systemic risk, accounting practices and banning some pricing practices, challenges property insurers to keep up with new rules, risks and rates, especially with regard to monitoring their Insurance-to-Value.
- Weather watching: The insurance industry always follows weather patterns closely. The ongoing drought in California and related wildfire threats topped the weather news last year. The Atlantic hurricane season, however, stayed below normal with only 11 named storms.
As the leading provider of web-based property valuation solutions, e2Value can assist you with all of your Insurance-to-Value (ITV) needs. Whether you are looking for valuations for high-value homes, mainstreet homes, condos, co-ops, commercial properties, manufactured homes, log cabins, or farms and ranches, our patented estimator can quickly calculate the cost of replacing a residential, commercial or farm structure, and provide you with a fast, cost-effective and accurate replacement cost valuation.