The first three months of 2025 brought devastating wildfires to California, significant wind and hail events to Texas, and substantial increases in activity to “Tornado Alley,” but claim volume fell to a five-year low, a property report from Verisk shows.
The findings in Verisk’s “Quarterly Property Report January–March 2025” show that claims severity rose due to the California wildfires while property claims continued a downward trend that began in 2023.
Claims costs skyrocketed in the first three months, with the national average replacement cost value increasing 46% compared to the same period a year ago.