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NEW YORK, June 17, 2024—Greater than $1.2 billion in lightning-caused U.S. owners insurance coverage claims had been paid out in 2023 to greater than 70,000 policyholders, with $194 million attributable to Texas alone, based on the Insurance coverage Info Institute (Triple-I).
Primarily based on nationwide insurance coverage claims information compiled to coincide with Lightning Security Consciousness Week (June 23-29, 2024), the Triple-I estimates that:
- The whole worth of lightning-caused U.S. owners insurance coverage claims was up greater than 30% in 2023 ($1.27 billion) from 2022 ($950 million).
- The variety of lightning-caused U.S. owners insurance coverage claims elevated by 13.8% between 2022 and 2023, from 62,189 to 70,787, with numbers from the highest 19 claims states contributing to greater than half (57%) of the overall.
- The common value per lightning-caused declare elevated 14.6% from $15,280 in 2022 to $17,513 in 2023.
“Rising inflation, together with larger substitute, development and labor prices impacted declare prices for the yr,” mentioned Sean Kevelighan, CEO, Triple-I. “Lightning Security Consciousness Week highlights the hazards lightning poses to life and property and the way insurers and policyholders are decreasing these dangers by way of efficient mitigation efforts.”
Extreme convective storms are among the many most typical, most damaging pure catastrophes within the U.S. The results of heat, moist air rising from the earth, they manifest in numerous methods, relying on atmospheric circumstances – from drenching thunderstorms with lightning, to tornadoes, hail, or harmful straight-line winds.
Householders Insurance coverage Claims And Payout for Lightning Losses, 2017-2023
| 12 months | Worth of claims ($ thousands and thousands) |
Variety of claims |
Common value per declare |
|---|---|---|---|
| 2017 | $916.61 | 85,020 | $10,781 |
| 2018 | 908.93 | 77,898 | 11,668 |
| 2019 | 920.05 | 76,860 | 11,971 |
| 2020 | 2,066.74 | 71,551 | 28,885 |
| 2021 | 1,313.06 | 60,851 | 21,578 |
| 2022 | 950.22 | 62,189 | 15,280 |
| 2023 | 1,239.72 | 70,787 | 17,513 |
| P.c change | |||
| 2023-2022 | 30.5% | 13.8% | 14.6% |
| 2023-2017 | 35.3% | -16.7% | 62.4% |
State Rankings
Not surprisingly, Florida – the state with essentially the most thunderstorms – remained the highest state for variety of lightning claims in 2023, with 6,003. Nonetheless, Texas had the best common value per declare at $41,654.
High 10 States For Householders Insurance coverage Lightning Losses By Quantity Of Claims, 2023
| Rank | State | Worth of claims |
Variety of claims |
Common value per declare |
|---|---|---|---|---|
| 9 | Pennsylvania | 27,219,044 | 2,214 | 12,296 |
| 6 | Louisiana | 35,167,375 | 3,050 | 11,529 |
| 7 | North Carolina | 35,544,243 | 2,881 | 12,337 |
| 10 | Tennessee | 39,792,330 | 2,136 | 18,630 |
| 8 | New York | 50,785,848 | 2,458 | 20,659 |
| 5 | Alabama | 54,981,756 | 3,508 | 15,673 |
| 4 | California | 83,367,791 | 4,608 | 18,090 |
| 2 | Georgia | 87,110,761 | 5,161 | 16,877 |
| 1 | Florida | $104,544,285 | 6,003 | $17,416 |
| 3 | Texas | 194,288,888 | 4,664 | 41,654 |
| High 10 States | $712,802,320 | 36,684 | 19,431 |
Harm attributable to lightning, akin to hearth, is roofed by normal owners insurance coverage insurance policies. Some owners insurance policies present protection for energy surges which can be the direct results of a lightning strike.
The Lightning Safety Institute (LPI) famous that lightning strikes can happen at an astonishing 100 instances per second.
“Mitigating the dangers of lightning strikes begins with a radical evaluation earlier than a storm,” mentioned Tim Harger, government director at LPI, whose group gives sources for the design, set up and inspection of lightning safety techniques. “Lightning safety techniques play an important function in safeguarding houses, companies and communities from the potential downtime and destruction attributable to lightning strikes.”
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