Discover the latest by-peril trends for your home insurance book of business
Every year, the U.S. faces billion-dollar weather and climate disasters, and extreme weather events—such as hurricanes, hailstorms, atmospheric rivers and firestorms—are expected to become more severe. However, weather patterns and the global climate crises remain unpredictable. Therefore, it is crucial for home insurance carriers to account for long-term trends by peril.
LexisNexis® Risk Solutions publishes an annual report that provides seven-year trends for loss cost, frequency and severity across seven different perils: wind, hail, fire and lightning, weather related water, non-weather related water, theft, liability and other perils. This year’s report, which is based on property exposures and losses for the period ranging from 2017 through 2023, highlights the upward trend in home insurance loss cost as the percentage of catastrophe claims grew, severity rose and material and labor costs increased.
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 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, the U.S. home insurance industry has experienced an upward trend in loss cost across all perils combined.
This is particularly evident when comparing the difference in loss cost between 2019 and 2023—with loss cost 51.7% higher in 2023 than in 2019.
Loss cost rose by 57.9% from 2022 to 2023 for hail claims.
This dramatic increase compared to previous years is not unexpected given the number of hailstorms and the amount of large hail in 2023.
Loss cost for fire and lightning decreased 11.1% in 2023 from 2022.
Nevertheless, there has been an upward trend for the last four years.
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Previous Home Trend Reports
2023 LexisNexis® U.S. Home Trends Report
Extreme weather events—from hurricanes and derechos to hail and fire storms—can be unpredictable, destructive and costly.
2022 LexisNexis® U.S. Home Trends Report
