Servicing

Claims from a more recent storm that caused some overlapping property damage are also mounting, according to the Federal Emergency Management Agency.

The tool, which includes overlays for industry metrics like delinquencies, could be helpful to policymakers trying to size up the cost of natural disasters affecting properties.

The new product will be based on a recent revision to the Department of Veterans Affairs' handbook for lenders, according to the company.

Plans rolled out by a United Wholesale Mortgage and by Fannie Mae and Freddie Mac could cut costs, but the American Land Title Association warns that the tradeoff is less protection from certain risks.

Wind and storm surge damage to residential and commercial properties could reach $47 billion, according to a CoreLogic analysis.

A piece of legislation cleared the House this week that would allow for so-called "desktop appraisals" on properties financed by government-backed veteran loans.

Current actuarial techniques are good at quantifying in the aggregate – but less so in the detail.

In 2020, natural disasters, excluding COVID-19, caused a total of $76 billion in insured losses, as opposed to the $7 billion in man-made insured losses. Companies must prepare to meet the demands of an increased customer base, including facilitating an easy claims process and expanding digital access.

Storm-related reconstruction costs — a large share of which may be concentrated in the New York City area — are estimated to total $1.9 trillion for water damage and $8.5 trillion for wind damage.

So-called 'black box' pricing makes insurance products more competitive and efficient for lenders, practitioners say.