LexisNexis Risk Solutions has released its ninth annual US Home Trends Report, which reveals that all-peril loss costs in the US home insurance industry have been increasing over the past seven years. The report found that all-perils lost costs and all-perils frequency rose by 4.1% and 11%, respectively, from 2022 to 2023. Over the past two years, all-perils loss costs increased by 52%, with frequency climbing 16.9%. Catastrophe claims represented 46% of claims across all perils in 2023, the highest in seven years. The report also breaks down the data by peril, with hail loss costs rising 57.9% from 2022 to 2023, while fire and lightning costs fell by 11.1% and weather-related water costs fell by 51.4%.
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