LexisNexis: Catastrophe Claims Rise as Losses Decline
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In 2016, Colorado and Texas homeowners suffered the greatest percentage of catastrophic losses due to extreme weather and other perils, according to the latest study of home insurance trends from LexisNexis Risk Solutions.
The six-year study indicates that despite the rise of cat losses, overall peril loss costs continued to decline.
The second annual LexisNexis Home Trends Report identifies key insurance industry trends by peril – wind, hail, fire, water, theft, liability and other.
Nearly half (48 percent) of all catastrophe losses originated in just two states: Texas and Colorado. The report found that hail and wind caused by thunderstorms – rather than extreme weather events like hurricanes – were the biggest loss causes. Nationwide hail losses in 2016 reached their highest level since 2011, comprising an estimated 20 percent of all peril losses totaling $8.4 billion in damages. Other top states for hail between 2011-2016 were Montana, South Dakota and Nebraska. Texas, experienced some of the most damaging hailstorms ever in March and April 2016, causing more than $4 billion in damages and breaking records for the state’s most expensive storms.
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