Catastrophic Weather Caused 39% Of All Home Insurance Claims In 2020
Wednesday, October 27th, 2021 Catastrophe PropertyThe sixth iteration of LexisNexis’s annual ‘Home Trends Report’ paints a troubling picture for the US homeowners’ insurance market, thanks to worsening catastrophic events.
According to the ‘2021 LexisNexis Home Trends Report,’ catastrophic weather events – such as wildfires, hurricanes, and floods – were some of the largest drivers of losses for the home insurance industry.
Catastrophic events accounted for 39% of all homeowners’ insurance claims in 2020; the highest percentage for the industry in the last six years, LexisNexis reported.
LexisNexis also said in its report that loss cost in 2020 also increased across all perils by 6% year-over-year, following an upward trend that had been observed over the past six years.
The analytics company suggested that this increase will likely continue through 2021.
