Search
 

Lightning Losses Mount

Claims News Service, June 30, 2:08 p.m. EST -- After analyzing homeowners' insurance data, the Insurance Information Institute (I.I.I.) determined that the cost of homeowners' claims for damages

By Christina Bramlet | Updated on June 30, 2008

Claims News Service, June 30, 2:08 p.m. EST — After analyzing homeowners’ insurance data, the Insurance Information Institute (I.I.I.) determined that the cost of homeowners’ claims for damages stemming from lightning strikes has increased by 28 percent over the last four years. The non-profit agency found there were more than 177,000 lightning claims in 2007, causing nearly $1 billion in insured losses. The I.I.I. puts the current average lightening-related claim at $5,321, a leap from the 2006 average of $3,446, which was based on 256,000 lighting claims causing more than $880 million in insured losses.

In terms of quantity, claims fell by nearly 36 percent. However, the average expense associated with each claim doubled between 2004 and 2007.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.