"The average cost per claim is volatile from year to year, but it has been particularly high in the past two years because of lightning fires throughout the country," Loretta Worters, a vice president with the Triple-I, said. (Credit: Pha88/Shutterstock.com)
While the total value of lightning-related homeowner claims fell 36% year on year, more than $1.3 billion in property insurance claims were caused by naturally occurring electrostatic discharge in 2021, according to the Insurance Information Institute (Triple-I).
The average cost per claim increased 100% from 2017-2021, according to Triple-I, which noted the average claim total this past year was more than $21,000 despite a steady decrease in the number of claims during the five-year period.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
