The 2020 LexisNexis® Home Trends Report report provides an updated view of by-peril trends in the U.S. home insurance industry to help carriers make more informed business decisions. This year’s report is the fifth in a series of industry claims reports tracking property exposures and losses from 2014-2019.
Reduced loss cost across all perils in 2019 was a welcome relief after significantly higher levels in the previous two years. Catastrophic claims costs from wind, fire and lightning dropped 32% over 2018. While severe wildfires, hurricanes, hailstorms and flooding did hit some states with devastating consequences, severity and frequency were lower across all perils than in 2017 and 2018.
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- Fire and Lightning loss cost decreased by 37%—a sharp drop since 2018.
- Weather-Related Water severity increased, with 2019 ranking as the second wettest year on record.
- 90% of the catastrophe losses in 2019 resulted from Hail and Wind perils.
All data in this report is sourced from internal LexisNexis® Risk Solutions proprietary data sources and represents between 87 and 89 million houses in every U.S. state and Washington DC between 2014 - 2019.