Ohio Insurers Expect Hundreds of Millions in Storm-Related Claims

The Ohio Insurance Institute (OII) on Monday released the results of a recent survey of 25 property-casualty insurers, which indicates damages from storms in the state that occurred between May 23 and May 26 could result in $400 million in losses.

Ohio insurance loss estimatesThe late-May weather events included severe thunderstorms that brought raging winds and seven tornadoes confirmed during a four-day period.

Loss data represented in the OII report came from insurers representing about 80 percent of the Ohio car insurance and homeowners’ coverage markets and about one-third of the commercial lines market.

Among those 25 insurers, 67,955 claims had been filed in the wake of the May storms. The estimated combined severity of those claims is about $322 million.

Two-fifths of those 68,000 claims were related to auto insurance. May storm-related claims filed under Ohioans’ personal car coverage are expected to exceed $80 million.

According to the OII, “The high number of auto claims (40 percent of preliminary figures) was primarily due to extensive hail and wind damage from fallen limbs and debris.”

The OII previously released similar estimates for the late-April storms that also slammed the state. During those storms, auto insurance losses made up a much smaller chunk of total losses. Auto-related claims made up only about 4 percent of the total claim count and accounted for only about 1.6 percent of total losses.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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