Number Of Lightning Related Homeowners Insurance Claims Down Slightly In 2015, But Severity Up 7 Percent
FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; email@example.com
NEW YORK, June 20, 2016 — The number of homeowners insurance claims from lightning strikes in the United States fell in 2015; however, the total insurers paid on those claims rose by nearly 7 percent, according to a new analysis by the Insurance Information Institute (I.I.I.).
In fact, $790 million in lightning claims was paid out last year to nearly 100,000 policyholders. An analysis of homeowners insurance data by the I.I.I. and State Farm® found:
- Total insured losses from lightning rose 6.9 percent from 2014 to 2015, although losses have declined 23.6 percent overall since 2010.
- There were 99,423 insurer-paid lightning claims in 2015, down 0.4 percent from 2014.
- The average lightning claim paid was 7.4 percent more than a year ago: $7,947 in 2015 vs. $7,400 a year earlier.
- The average cost per claim rose 64 percent from 2010 to 2015. By comparison, the Consumer Price Index (an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food, and transportation) rose by 9 percent in the same period.
“The average cost per claim is volatile from year to year,” said James Lynch, FCAS MAAA, vice president of Information Services and chief actuary, “but it has generally continued to rise, in part because of the enormous increase in the number and value of consumer electronics including increasingly popular home automation systems.”
The drop in the number of claims is consistent with data from the National Weather Service, which recorded 334 events with property damage in 2015, down from 401 such events a year earlier. There were 135 days in 2015 in which lightning caused property damage, while 128 such days were recorded in 2014.