Even as insurers handled fewer claims in 2025, the risks behind those losses became harder to predict and, in some cases, more severe - an emerging pattern shown in the latest data from Verisk.
Its Annual Insurance Claims Trends Report found that lower claim volumes did not necessarily mean a lighter year for insurers. While some major lines saw fewer claims, the losses that did emerge were often tied to more complex patterns, including wildfire smoke damage, gig-economy driving, and more targeted vehicle theft.
Homeowners’ claims posted one of the biggest drops. Verisk said claims volume fell 19% year over year to 5.27 million, the lowest level in five years, helped in part by a quiet hurricane season. Commercial property claims also declined, falling to 710,000 from 910,000 in 2023. Personal auto claims dropped nearly 3% in 2025, following a roughly 5% decline in 2024.
However, the broader picture shows that risk has not eased. Commercial auto claims declined in 2025, yet volumes remained 14% higher than in 2021, pointing to sustained exposure from increased driving activity. Workers’ compensation and general liability claims also held steady, suggesting that core commercial risks remain in place.
“Claims data is often the earliest signal of how risk is changing. Even as overall volumes declined in 2025, the underlying loss patterns tell a very different story. This report analyzes claims activity at scale, and can help insurers better gauge risk, anticipate emerging risks, identify subrogation opportunities and make smarter decisions for the year ahead,” said Shane Riedman, president of anti-fraud analytics at Verisk.
One of the clearest shifts is happening in commercial auto. Claims tied to gig-economy activity rose 96% from 2021 to 2025 and now account for 10% of all commercial auto claims. Within that, food delivery-related claims increased 300%, while ride-hailing claims rose 66%, reflecting how app-based driving continues to reshape risk exposure.
At the same time, newer risks are becoming more visible. Claims involving silica or crystalline dust climbed from just over 100 in 2021 to nearly 2,000 in 2025, while PFAS-related claims reached around 700. E-bike-related claims also surged, quadrupling to more than 4,000 as injuries, fires, and theft increased.
Natural catastrophe losses also showed a shift in how claims develop. The January 2025 Los Angeles wildfires stood out not just for their impact, but for the type of damage reported. According to Verisk, losses were driven less by the total land burned and more by fires reaching densely populated areas with higher-value homes.
Smoke damage quickly emerged as a major driver, making up about 30% of claims filed within the first 30 days. Past events such as the Camp Fire suggest these losses can take time to develop, with about 35% of smoke-related claims filed two years later.
Auto theft followed a different trend. Claims fell 25% in 2025 after a 24% drop in 2024, but incidents became more concentrated among certain vehicles and parts. Some Infiniti, Kia, Hyundai, and Acura models recorded higher theft-to-collision ratios, pointing to more targeted activity.
The report also notes that catalytic converter theft has closely followed metal prices in recent years. With platinum, palladium, and rhodium prices rising again in 2025, Verisk indicates that theft-related risks could increase in the near term.
