Triple-I Weblog | Lightning-Associated Claims Up Sharply in 2023 – Cyber Tech

By Max Dorfman, Analysis Author, Triple-I

The whole worth of lightning-caused owners insurance coverage claims rose greater than 30 p.c in 2023, to $1.27 billion from $950 million in 2022, Triple-I estimates primarily based on nationwide claims information supplied by State Farm.

The variety of claims rose 13.8 p.c throughout the identical interval, to 70,787 from 62,189, 10 states accounting for 57 p.c of the whole. The common price per lightning-caused declare elevated 14.6 p.c, to $17,513 from $15,280.

“Rising inflation, together with increased alternative, building and labor prices impacted declare prices for the yr,” mentioned Triple-I CEO Sean Kevelighan. Triple-I launched these estimates to upfront of Lightning Security Consciousness Week, which runs from June 23 to June 29.

“Lightning Security Consciousness Week highlights the risks lightning poses to life and property and the way insurers and policyholders are lowering these dangers by means of efficient mitigation efforts,” Kevelighan mentioned.

Florida – the state with essentially the most thunderstorms – remained the highest state for variety of lightning claims in 2023, with 6,003. Nevertheless, Texas had the best common price per declare at $41,654.

A lot of this injury is because of extreme convective storms, that are among the many commonest, and most damaging pure catastrophes in the US. The results of heat, moist air rising from the earth, these storms manifest in numerous methods, relying on atmospheric situations – from drenching thunderstorms with lightning, to tornadoes, hail, or damaging straight-line winds.

Injury attributable to lightning, akin to fireplace, is roofed by normal owners insurance coverage insurance policies.  Some owners insurance policies present protection for energy surges which might be the direct results of a lightning strike. 

High 10 States for Owners Insurance coverage Lightning Losses by Variety of Claims, 2023

“Mitigating the dangers of lightning strikes begins with an intensive evaluation earlier than a storm,” mentioned Tim Harger, govt director on the Lightning Safety Institute, which offers assets for the design, set up, and inspection of lightning safety methods. “Lightning safety methods play a vital function in safeguarding properties, companies, and communities from the potential downtime and destruction attributable to lightning strikes.

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