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      "text": "Missing Carriers: Oliver Wyman had initially surveyed 97.3% of Colorado's “Homeowners Multi-Peril” market shares to produce this study. Some of the surveyed carriers – either because they did not respond or because material data integrity concerns were identified – had to be excluded from the data analysis. This brought us down to 95.3% market shares available for our analysis, which we feel is sufficient to depict an adequate portrait of the industry in this state. However, we recognize that in the event where significant movement would be happening within the remaining 4.7% (e.g., significant growth in 2022), this could have an impact on our findings.",
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      "text": "Reliance on Guy Carpenter's wildfire score: In order to assess the wildfire exposure in the state, we have relied on the wildfire score developed by our sister company Guy Carpenter. We recognize that different vendors may come to different assessments of the wildfire risk in the state. Also, due to the granularity of the surveyed data, we represented wildfire exposure at the zip code level. This is an important simplification, as in practice the wildfire risk may vary greatly within a zip code. Insurers may even rely on geo-coding to properly assess the risk of each policy.",
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      "text": "Data Validations: While we have made several reasonability checks of the data received and created a process that allows for reconciliation of some of the figures with NAIC statements, this analysis still largely relies on the assumption that insurers answered the survey accurately and in good faith.",
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      "text": "Data Confidentiality: In order to produce this study, Oliver Wyman surveyed granular data from insurance carriers, and also collected detailed information regarding the companies' pricing & underwriting methodologies. As our goal was to depict industrywide trends, all the exhibits & findings presented throughout this report are always aggregated in some way. We did not highlight information from individual carriers anywhere in this report.",
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      "text": "Discrepancies with NAIC Statements: All carriers were instructed to report premium volumes that reconcile with their NAIC annual statements for “Homeowners Multi-Peril” in Colorado. We performed a reconciliation, and where the discrepancies were completely unrealistic (in multiples of the NAIC-reported volume), we contacted the carriers for revision. Smaller discrepancies – which could range from -22% to +22% depending on the carriers & years – have been observed as well. Depending on the nature & magnitude of volume missing or in excess, findings could be materially impacted by this issue.",
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      "kind": "title",
      "text": "DISCLAIMERS REGARDING DATA LIMITATIONS",
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