In 2024, the U.S. faced 11 separate billion-dollar weather and climate events, including nine severe storms and two winter storms. With each catastrophe and claim, the pressure on the insurance industry grows—and, unfortunately, so do insurance rates.
The good news is: by taking control of your property data, you can better control your risk profile in times of flux. Here at Centurisk, we have decades of experience in property appraisal, and we’ve helped organizations of all sizes maintain accurate, detailed risk exposure data. By collecting primary and secondary COPE data, your organization can gain a more complete snapshot of your risk exposure, allowing you to differentiate your risk profile with underwriters.
What is COPE data?
COPE stands for Construction, Occupancy, Protection, Exposure. And it determines the likelihood that an organization will experience losses due to a catastrophic event.
Primary COPE data includes characteristics such as type of construction used throughout the building, square footage, number of stories, fire protection and location. In addition to the collection of more detailed building information, secondary COPE data characteristics relate to the building’s susceptibility to damage from windstorms or seismic activity.
What are the benefits of collecting COPE data?
COPE data is used by catastrophe modeling programs and insurance underwriters, helping them better understand and differentiate an organization’s risk profile. It allows underwriters to make more accurate and cost-effective underwriting decisions. So, when organizations report COPE data, they not only gain the opportunity to receive lower rates, but the analytical information they need to better prepare for and reduce hazards.
Experts believe that one of the biggest challenges facing today’s insurance industry is the lack of data quality. Without thorough COPE data, some insurers and catastrophe modeling programs must automatically assume the worst-case scenario for an organization’s properties. So, by maintaining accurate detailed primary and secondary COPE data, you’re also taking steps to differentiate your organization and secure better rates.
If you’d like to speak with an expert in more detail about the benefits of COPE data collection for your organization, simply contact us and a member of our team will be in touch!