{"id":938,"date":"2025-06-19T14:00:54","date_gmt":"2025-06-19T14:00:54","guid":{"rendered":"http:\/\/www.xinetica.com\/?p=938"},"modified":"2025-06-19T14:28:25","modified_gmt":"2025-06-19T14:28:25","slug":"q125-property-claims-hit-five-year-low-despite-severe-weather-verisk","status":"publish","type":"post","link":"http:\/\/www.xinetica.com\/index.php\/2025\/06\/19\/q125-property-claims-hit-five-year-low-despite-severe-weather-verisk\/","title":{"rendered":"Q1\u201925 property claims hit five-year low despite severe weather: Verisk"},"content":{"rendered":"

According to Verisk\u2019s Quarterly Property Report, claims volume continued to decline in the first quarter of 2025, reaching a five-year low despite significant weather events in several regions.<\/p>\n

\"VeriskThe quarter ended with a total of 1,059,323 claims, comprising 700,394 non-catastrophe (non-CAT) claims\u2014the lowest in five years\u2014and 358,929 catastrophe (CAT) claims.<\/p>\n

Overall claim volume dropped about 7% from the same period last year, which had already seen a 15% decline from 2023. Last year\u2019s decrease was largely driven by a 28% drop in catastrophe claims, while this year\u2019s reduction came from a decline in non-CAT claims, with CAT claims remaining steady.<\/p>\n

Texas led the country in Q1 claim volume, primarily due to wind and hail events. These accounted for 95% of all CAT claims and 72% of total claims in the state. California ranked second, with non-CAT water claims making up 29% of its total, while CAT fire, wind, and smoke claims\u2014mainly from wind-driven wildfires\u2014represented 33%.<\/p>\n

Most of California\u2019s non-CAT water claims stemmed from two winter weather events in early January and early February.<\/p>\n

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When looking at claims by the type of loss or peril, wind, hail, and wind\/hail losses made up 47% of all Q1 claims, a 7% decrease from 2024, largely due to a 19% drop in hail claims. Water accounted for 28.7% of total claims.<\/p>\n

Despite the overall drop in claims, the national average replacement cost value surged 46% year-over-year, heavily skewed by California wildfires. The Palisades and Eaton fires alone generated about 48,000 claims, totalling approximately $10 billion, with an average estimate of $337,000 per claim.<\/p>\n

Nationwide, reconstruction costs rose 5.2% year-over-year. In California, the average increase was 1.67% (January\u2013April), while the Pacific Palisades region experienced a sharper rise of 4.24%.<\/p>\n

Labor costs continue to outpace material costs, and concrete masons continue to experience the highest increases. Fuel prices provided slight relief, rising only 3.63% in the U.S. and 3.58% in Canada for the quarter.<\/p>\n

Recent policy changes present additional challenges. New tariffs are affecting key construction materials, while shifting immigration policies impact an industry where 26% of the workforce is from immigrant communities. Coupled with reconstruction demands from recent catastrophes, these factors suggest sustained cost pressures through 2025.<\/p>\n

The post Q1’25 property claims hit five-year low despite severe weather: Verisk<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to Verisk\u2019s Quarterly Property Report, claims volume continued to decline in the first quarter of 2025, reaching a five-year […]<\/p>\n","protected":false},"author":1,"featured_media":940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/938"}],"collection":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/comments?post=938"}],"version-history":[{"count":3,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/938\/revisions"}],"predecessor-version":[{"id":942,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/posts\/938\/revisions\/942"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media\/940"}],"wp:attachment":[{"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/media?parent=938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/categories?post=938"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.xinetica.com\/index.php\/wp-json\/wp\/v2\/tags?post=938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}