The combined effects of increasing claim severity and frequency is causing a rapid rise in the cost of homeowners insurance, according to “Trends in Homeowners Insurance Claims,” a study from Insurance Research Council (IRC).
“This report has significant implications for everyone involved with homeowners insurance,” said Elizabeth Sprinkel, SVP of the IRC. “Insurance companies face significant challenges in responding effectively to rapid growth in claim severity and increases in claim frequency, and in managing the volatility attributable to catastrophe-related claims. In addition, consumers will find it increasingly important to consider steps to control their personal exposure to risk and to mitigate the damages and costs associated with severe weather events.”
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