Grasping The Perils Of Extreme Weather

  Wednesday, January 8th, 2020 Source: Insurance Thought Leadership

In 2018, extreme weather had a devastating impact on certain states — primarily driven by increasing severity, rather than frequency, of catastrophic events.

LexisNexis Risk Solutions‘ recently released, fourth annual Home Trends Report highlights the impact that the 2018 extreme weather events had on insurance losses.

A staggering 56% of all catastrophe claims come from just four states: California, Colorado, Florida and North Carolina.

States hit by Hurricanes Florence and Michael, the California wildfires and severe hail saw the most catastrophic losses. Claims in these states are also up to 56% from the 36% of claims these states accounted for in 2017.

The latest Home Trends Report underscores the growing need for insurers to understand and respond to by-peril loss trends and the potential for climate change and extreme weather to drive these losses.

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