Discover the latest by-peril trends for your home insurance book of business
Extreme weather events—from hurricanes and derechos to hail and fire storms—can be unpredictable, destructive and costly. Only having a single year of peril data could give home insurance carriers and homeowners a false sense of security.
LexisNexis® Risk Solutions publishes an annual report that provides seven-year trends for loss cost, frequency and severity across eight different perils: wind, hail, fire and lightning, weather related water, non-weather related water, theft, liability and other perils. The 2023 report, which is based on property exposures and losses for the period ranging from 2016 through 2022, highlights the importance of using seven-year trend data for building more accurate forecasts.
Download the most recent report today to see these insights and more:
- Catastrophe and non-catastrophe claims by peril
- U.S. states with the highest and lowest loss cost in the previous year
- Frequency, severity and loss costs of claims by peril, by location and by month for the last seven years
Here's a sample of what you'll find inside:
Over the last seven years, loss cost has trended upward across all perils, including a 6.2% increase from 2021 to 2022.
Loss cost decreased by 64.4% from 2021 to 2022 for weather related water claims
However, the upward seven-year trend provides a vivid illustration of why it’s important to consider longer-term data when assessing risk and pricing policies.
Catastrophe claims accounted for just 7% of fire and lightning losses in 2022, down from 11.2% in 2021.
Nevertheless, the seven-year trend indicates catastrophe losses are usually significantly higher.
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Previous Home Trend Reports
2022 LexisNexis® U.S. Home Trends Report
2021 LexisNexis® U.S. Home Trends Report
