February 2, 2011 by Canadian Underwriter
Auto collision appraisal values, collision losses, comprehensive losses, third-party property damage and supplemental estimates in Canada all decreased in 2010 Q4, according to the 2011 Q1 Mitchell International Industry Trends Report.
The report by Mitchell cites figures related to Canada’s auto collision repair market. The numbers are based on data combined from all first- and third-party repairable vehicle appraisals uploaded through Mitchell Canadian systems.
According to Mitchell’s data, the average initial gross appraisal value in Canada’s auto repair industry was $3,105 in 2010 Q4 – a $161 decrease from 2009 Q4.
Mitchell also reports an initial average gross collision severity of $3,106 – a $206 decrease over 2009 Q4.
In the area of comprehensive coverage, the average initial gross appraisal value was $3,331, a $19 decrease from 2009 Q4. However, if Mitchell applies a prescribed development factor, that 2010 Q4 appraisal figure increases to $3,419.
The initial average gross third-party property damage appraisal was $2,078 in 2010 Q4, a decrease of $124 over the same period last year. Again, however, if Mitchell applies its prescribed developmental factor, that appraisal value increases to $2,361.
Finally, Mitchell noticed the percentage of Canadian estimates supplemented one or more times decreased by 18% in 2010 Q4, compared to 2009 Q4.
The average dollar value of those supplements decreased by 30% – or $139.34.