Property damage estimates increase to $1.3 billion in 2010: Xactware

The value of property loss estimates reported through Xactware in Canada grew to $1.32 billion in 2010 from $1.10 billion in 2009.

The total monthly loss estimate value started at $84.9 million in January 2010 and peaked at $148.3 million in August. The spike followed the massive July 12 hailstorm in Calgary and Southern Alberta, Xactware said in its 2010 Year-End Claims Analysis.

By December, this figure dropped back down to $87.6 million.

In total, 136,927 loss estimates were reported to Xactware in Canada, the report adds.

The average value of a property estimate in Canada in 2010 was $9,659, marking an increase from 2009’s average of $9,007 per estimate. The value of the estimates peaked in February, when they averaged $10,184.

Of the different types of loss, fire had the highest average estimate value in 2010, reported Xactware. The company processed 8,416 fire-loss estimates that averaged $41,835, marking a $3,154 increase from the 2009 average.

Wind and water assignments were driven by a number of storms throughout 2010, Xactware continued. There were 70,869 water estimates with an average value of $7,351. Wind losses totalled 12,102 and averaged $7,089 per estimate.

Collapses accounted for the smallest volume of estimates at 310 and theft estimates had the smallest average dollar value, averaging $2,790 per estimate.