U.S. insurers see fewer but pricier lightning claims | Canadian Insurance

U.S. insurers see fewer but pricier lightning claims

The average claim paid in 2015 was $7,947

The U.S. insurance industry saw fewer home insurance claims from lightning strikes in 2015 compared to 2014, but the claims they do see are getting more expensive, the Insurance Information Institute has found.

Last year, insurers paid out lightning claims to nearly 100,000 policyholders in 2015, down 0.4 percent from 2014. The average claim paid, however, was 7.4 percent more: $7,947 (2015) compared to $7,400 (2014).

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Policyholders in Florida and Texas claimed the most, with Floridians submitting 11,989 claims totalling $156.2 million, and Texans submitting 8,844 claims totalling $84.9 million respectively.

“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.”

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