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Property claim volume fell as policy changes reduced filings

Verisk attributed lower claim frequency to wider use of actual cash value-only provisions and percentage deductibles, even as costs for roofs and repairs climbed.

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U.S. property claim volume fell 8.9% year over year, and total claims were 13.1% below the five-year average, despite several major catastrophe events, according to Insurance Journal citing Verisk’s property report for the first quarter.

The report points to changes in policy language and provisions that suppress claim volume. Verisk said increased use of ACV, as well as loss settlements and endorsements, is leading to fewer filings, and it also noted more carriers using percentage deductibles that can require policyholders to pay a share of losses.

Verisk also tied shifting claim patterns to specific weather categories and costs. Water made up 31.1% of U.S. property claims in the first quarter, up 6% from the prior year, while hail claims fell 23.6%, and average U.S. residential roof replacement costs rose 33% in 2025 versus the prior four-year average, with repair costs up 25%.

Catastrophe losses in the quarter included winter storms Fern and Hernando, which generated more than 46,000 ice, snow, and collapse claims with an estimated $478 million in replacement costs, the report said. While national reconstruction costs rose 3.4% from March 2025 to March 2026, Insurance Journal said Verisk reported the pace is moderating, and it attributed much of the increase to fuel and shipping.

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