first_img Previous: Pending Home Sales: Losing Momentum? Next: Borrower Credit Risk Increases Year-over-Year Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Daily Dose / Home Insurance Risk Stabilizing About Author: Joey Pizzolato Home insurance is a risk-based operation, and evaluating, understanding, and measuring those risks are key efforts to mitigating them. Which is why LexisNexis released its Home Trends Report, to help industry experts understand the current state of the market.According to the report, “The second annual LexisNexis Home Trends Report identifies key insurance industry trends on a by-peril basis – wind, hail, fire, water, theft, liability, and other – so that insurance carriers can reduce risk and price policies with more precision.” Compared to 2015, peril losses were down in 2016, as was severity of those claims, although frequency of claims stood fast. In terms of total percentage, catastrophe claims amounted for 30 percent.This year, one of the most interesting factors was that nearly half (48 percent) of all catastrophic event claims occurred in Texas and Colorado. Hail and wind accounted for most of the losses, rather than extreme weather such as tornados or hurricanes.On a national level, hail accounted for most of the peril losses in 2016—20 percent—reaching the highest level since 2011 and costing the industry $8.4 billion. Texas accounted for nearly $4 billion of that in during March and April, which broke state records.One of the reasons the report attributes to a downward trend in catastrophe losses, particularly in the northeast, was due to El Niño, which brought warm winds to the northeastern states.“The report reveals that not all perils are created equally, and that even within a peril category there will be dramatic geographic differences. Every state has its own nuances,” said George Hosfield, Senior Director, Home Insurance, LexisNexis Risk Solutions. “Our historical view of how by-peril trends change over time offers carriers new insights with which they assess and price risks more accurately, ultimately edging them closer to profitability which has been difficult to maintain in the Home insurance market.”You can find the detailed report here. Servicers Navigate the Post-Pandemic World 2 days ago Share Save September 27, 2017 1,609 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home Insurance Risk Stabilizing in Daily Dose, Featured, Headlines, Loss Mitigation, News 2017-09-27 Joey Pizzolato The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more