Hail claims frequency and losses vary enormously – even block by block within the same storm.
Hail damage and its associated insurance claims is one of the leading causes of loss from natural hazards – and the losses have been growing. Carriers have witnessed significant hail losses over the past 10 years, with the average homeowners hail damage claim currently running at $9,000. A single hailstorm in populated areas of the country can cause billons in hail damage and losses.
To date, one of the most common industry tools used to assess and price for hail damage risk is to determine where hailstorms occur, and the severity of the storms. Research has shown, however, that claims frequency and losses often vary significantly – even within the same small area. This makes it extraordinarily difficult for insurers to confidently underwrite hail coverage in areas that receive frequent hailstorms.
Segment risk – even within high hail hazard areas
CoreLogic® HailRisk™ is the first and only hail risk solution to combine the pioneering new data-driven science on claim patterns with detailed and proprietary meteorological science, making the product uniquely valuable for avoiding losses while profitably underwriting hail coverage even in areas of highly frequent hailstorms.
Features and Benefits
Evaluate hail risk for a specific property or aggregate risk at a portfolio level.
Over 11 million geospatial points of risk
High-resolution, block-level granularity: 300x the detail of average ZIP Code
Seamless U.S. coverage
Easy-to-use numeric scoring
Storm Risk Score, Claim Risk Score, Claim Risk Rating, Claim Frequency, and Average Annual Projected Loss
Annual probability of 0.75”, 1”, 1.5” and 2” or greater hail stones impacting a specific property
Structural Risk and Valuations
Rather than rely on a standard industry percentage, get detailed intelligence on the structural risk and value of properties in your portfolio to ensure that your clients are not over or under-insured.learn more
Natural Hazard and Catastrophe
Assess your market position by accessing reports and data that give you a complete view of the risk to your portfolio.learn more
Roof Condition Solutions
CoreLogic offers tools to help you assess the roof conditions of prospective clients from your desktop.learn more