The U.S. home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions.
The ninth annual LexisNexis U.S. Home Trends Report found that all-perils lost costs and all-perils frequency increased by 4.1 percent and 11 percent, respectively, from 2022 to 2023. Since 2019, all-perils loss costs rose 52 percent, with frequency climbing 16.9 percent.
Although severity has declined 6.3 percent since 2022, it remains 29.8 percent higher than 2019 figures, the data showed.
For the purposes of the report, the all-perils figures combine data for hail, wind, water, fire and lightning weather perils, as well as non-wea