CHARLOTTE, North Carolina, April 5 – More than 60% of electronics and specialty equipment and more than 50% of HVAC systems included in claims assigned to insurance services provider CCG IQ in 2021 were determined to have a different cause of loss than policyholders reported. These are among the insights highlighted in the newly released CCG IQ 2021 Annual Report that contains statistics related to hundreds of different types of items frequently included in claims.
CCG IQ compiles the report each year to help Property and Casualty insurance carriers note areas where they could be at risk for claims leakage and consider other claim-related trends.
Another notable fact reported within the sections on HVAC and Refrigeration claims, electronics claims, and weather data is that 36% of lightning verification reports determined that lightning had not occurred near the property or on the dates of the reported lightning loss – yet policyholders cited lightning damage in their claims more than any other peril. This demonstrates the critical need for adjusters to verify cause of loss before settling a claim.
Insurance professionals can use the CCG IQ 2021 Annual Report to gain further awareness by comparing the number of assessments that resulted in repair recommendations instead of replacements or by considering the difference in costs for repairs versus replacement equipment. Because the data reflects CCG IQ’s nationwide services, readers can learn more about where certain perils are more likely to take place and which states account for the most losses.
New to this year’s report is more information about the recent merger between CCG IQ and the forensic engineering firm Donan.
“The annual report is an extension of our mission to use innovative technology and data to deliver actionable intelligence for claim decisions industrywide,” said Damon Stafford, the founder of CCG IQ and the president and CEO of the newly combined company. “Insurance professionals rely on the report each year as another resource to better understand their business.”
The data in the CCG IQ 2021 Annual Report reflects the results of hundreds of thousands of residential and commercial equipment assessments that adjusters assigned to HVAC Investigators (HVACi), the nation’s leading provider of HVAC and Refrigeration damage evaluations, and StrikeCheck, the leading expert evaluator for electronics and specialty equipment, last year.
Insurance professionals can find out for themselves what the CCG IQ 2021 Annual Report includes and receive their free copy.
CCG IQ empowers insurance carriers to make faster, smarter, and better decisions. Our suite of services, HVACi and StrikeCheck, delivers innovative solutions that enable timely claim settlement decisions. Headquartered in Charlotte, North Carolina, our network of experienced professionals provides best-in-class services nationwide.