Lightning Caused $1.2 Billion in US Homeowners Claim Payouts in 2023; Severity Trends Upward for the Year
2024年6月19日 - 12:06AM
ビジネスワイヤ(英語)
Florida, Georgia, Texas and California Continue to Lead
States for Lightning Losses
More than $1.2 billion in lightning-caused U.S. homeowners
insurance claims were paid out in 2023 to more than 70,000
policyholders, with $194 million attributable to Texas alone,
according to the Insurance Information Institute (Triple-I.).
Based on national insurance claims data compiled to coincide
with Lightning Safety Awareness Week (June 23-29, 2024), the
Triple-I estimates that:
- The total value of lightning-caused U.S. homeowners insurance
claims was up more than 30% in 2023 ($1.27 billion) from 2022 ($950
million).
- The number of lightning-caused U.S. homeowners insurance claims
increased by 13.8% between 2022 and 2023, from 62,189 to 70,787,
with numbers from the top 19 claims states contributing to more
than half (57%) of the total.
- The average cost per lightning-caused claim increased 14.6%
from $15,280 in 2022 to $17,513 in 2023.
“Rising inflation, including higher replacement, construction
and labor costs impacted claim costs for the year,” said Sean
Kevelighan, CEO, Triple-I. “Lightning Safety Awareness Week
highlights the dangers lightning poses to life and property and how
insurers and policyholders are reducing these risks through
effective mitigation efforts.”
Severe convective storms are among the most common, most
damaging natural catastrophes in the U.S. The result of warm, moist
air rising from the earth, they manifest in various ways, depending
on atmospheric conditions – from drenching thunderstorms with
lightning, to tornadoes, hail, or destructive straight-line
winds.
State Rankings
Not surprisingly, Florida – the state with the most
thunderstorms – remained the top state for number of lightning
claims in 2023, with 6,003. However, Texas had the highest average
cost per claim at $41,654.
Damage caused by lightning, such as fire, is covered by standard
homeowners insurance policies. Some homeowners policies provide
coverage for power surges that are the direct result of a lightning
strike.
The Lightning Protection Institute (LPI) noted that lightning
strikes can occur at an astonishing 100 times per second.
"Mitigating the risks of lightning strikes starts with a
thorough assessment before a storm," said Tim Harger, executive
director at LPI, whose organization provides resources for the
design, installation and inspection of lightning protection
systems. “Lightning protection systems play a crucial role in
safeguarding homes, businesses and communities from the potential
downtime and destruction caused by lightning strikes.”
RELATED LINKS
Facts and Statistics: Lightning Lightning Video The Dangers of
Shoddy Lightning Protection System Installations
ADDITIONAL RESOURCES
Insurance Institute for Business & Home Safety (IBHS)
National Weather Service Small Business Administration (SBA)
About the Insurance Information Institute
With more than 50 insurance company members — including
regional, super-regional, national, and global carriers — the
Insurance Information Institute (Triple-I) is the #1 online source
for insurance information in the U.S. The organization’s website,
blog and social media channels offer a wealth of data-driven
research studies, white papers, videos, articles, infographics and
other resources solely dedicated to explaining insurance and
enhancing knowledge.
Unlike other sources, Triple-I’s sole focus is creating and
disseminating information to empower consumers. It neither lobbies
nor sells insurance. Triple-I offers objective, fact-based
information about insurance – information that is rooted in
economic and actuarial soundness. Triple-I is affiliated with The
Institutes Risk and Insurance Knowledge Group.
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New York Press Office: (212) 346-5500; media@iii.org