Home insurance carriers are consistently looking for new tools to reduce risk and price with more precision.
New research from LexisNexis Risk Solutions sets out to help them manage their business better by providing data on trends related to specific perils that impact the home insurance industry.
The 2016 LexisNexis Home Trends Report identifies key insurance industry developments focused on wind, hail, fire, water (weather and non-weather related), theft, liability and other perils over a six-year period. It provides promising news for home insurance carriers: Although individual perils differ, overall homeowner claims continue to decrease, and loss costs from perils are flat or on the decline. The findings point to improving performance among carriers; however, they also suggest that carriers need to reassess their current models to price policies as precisely as possible so they can remain competitive.
Most notable findings
Most notable among the findings was that overall loss cost across all perils declined by 30 percent from 2010 to 2015, driven largely by fewer claims and catastrophic events. Catastrophic claims fell from 27 percent of claims in 2010 to 24 percent in 2015.
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