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NEW YORK, June 17, 2024—Greater than $1.2 billion in lightning-caused U.S. householders insurance coverage claims had been paid out in 2023 to greater than 70,000 policyholders, with $194 million attributable to Texas alone, in response to the Insurance Information Institute (Triple-I).
Primarily based on nationwide insurance coverage claims information compiled to coincide with Lightning Safety Awareness Week (June 23-29, 2024), the Triple-I estimates that:
- The whole worth of lightning-caused U.S. householders insurance coverage claims was up greater than 30% in 2023 ($1.27 billion) from 2022 ($950 million).
- The variety of lightning-caused U.S. householders 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 full.
- The typical value per lightning-caused declare elevated 14.6% from $15,280 in 2022 to $17,513 in 2023.
“Rising inflation, together with greater alternative, building and labor prices impacted declare prices for the yr,” mentioned Sean Kevelighan, CEO, Triple-I. “Lightning Security Consciousness Week highlights the hazards lightning poses to life and property and the way insurers and policyholders are lowering these dangers via efficient mitigation efforts.”
Extreme convective storms are among the many most typical, most damaging pure catastrophes within the U.S. The results of heat, moist air rising from the earth, they manifest in numerous methods, relying on atmospheric circumstances – from drenching thunderstorms with lightning, to tornadoes, hail, or damaging straight-line winds.
Owners Insurance coverage Claims And Payout for Lightning Losses, 2017-2023
| Yr | Worth of claims ($ tens of millions) |
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 probably the most thunderstorms – remained the highest state for variety of lightning claims in 2023, with 6,003. Nevertheless, Texas had the very best common value per declare at $41,654.
High 10 States For Owners 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, resembling hearth, is roofed by customary householders insurance coverage insurance policies. Some householders insurance policies present protection for energy surges which are the direct results of a lightning strike.
The Lightning Protection Institute (LPI) famous that lightning strikes can happen at an astonishing 100 occasions 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 supplies assets for the design, set up and inspection of lightning safety methods. “Lightning safety methods play an important function in safeguarding properties, companies and communities from the potential downtime and destruction attributable to lightning strikes.”
