“Forty per cent of Aviva Canada's home insurance claims are a result of water damage, the insurer reports, and costs to repair the damage have nearly tripled over the past decade. Aviva Canada paid out over $124 million in property water damage claims in 2010. The insurer's data show the average cost of a water damage claim rose 160% over 10 years - from $5,423 in 2000 to more than $14,000 in 2010.”
What's behind these results? First, higher frequency of severe rainstorms. Second, increased homeowner investments in finishing their basements.
This nugget illustrates what everyone who cares about data knows: put solid data together with real experience of the market, and you master your business. How many industries can say they understand their customers and their customers' situations as well as this?
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