According to data from the National Oceanic and Atmospheric Administration, 2017 was the costliest year on record regarding natural disasters in the United States. In August, Hurricane Harvey broke the rainfall record for a single tropical storm. California saw its most destructive wildfire season ever (2018 notwithstanding). Add up all weather disaster claims and 2017 will go on record as one of the most expensive years ever for insured personal property losses, according to a report by Impact Forecasting.
The 2018 LexisNexis® Home Trends Report provides an updated view of by-peril trends in the US home insurance industry. This updated data will enable carriers to make more informed business decisions. In addition to insights on loss cost, frequency and severity, the report includes details on seasonality, distribution of catastrophe claims and geographic trends.
Here are just a few highlights from Accident Year 2017 found in the Home Trends Report:
- All Peril loss costs increased by 19% compared with 2016.
- Catastrophe losses made up nearly 35% of All Peril claims in 2017, compared to 30% in 2016.
- 2017 was the worst year since 2012 for wind damage claims.
- Severity for Fire claims grew by 20% across the country, and California jumped by more than 70%.
Home insurance carriers are continuously tasked with meeting loss-ratio objectives and growth targets. Using aggregated by-peril data found in the Home Trends report can provide insights into by-peril history, seasonality and geography and enable you to better select and manage risk.
Click here to access the interactive 2018 Home Trends Report.