Ohio Insurer Group: April Storm Losses Estimated at $52.6-57.8M

The Ohio Insurance Institute reports that an early April storm that caused significant property losses in Ohio and several other states, caused as much as $57.8 million in insured losses in Ohio alone.

According to the OII and Property Claim Services, the severe weather in early April caused between $52.6 and $57.8 million in preliminary insured losses. Peak wind gusts of over 60 mph were reported in several Ohio counties including Darke, Franklin, Hamilton and Montgomery.

Property Claim Services (PCS), a division of Verisk Analytics, estimates preliminary total insured losses at nearly $350 million from the two-day spring outbreak affecting Delaware, Illinois, Indiana, Maryland, New Jersey, New York, Ohio, Pennsylvania, Virginia and Washington DC.

PCS reports Ohio’s estimated insured losses as second highest of the affected states, with Indiana expecting to have the highest level of paid losses that currently stand at $71.4 million. PCS compiles insured property loss estimates from catastrophes for the insurance industry.

Insurance industry estimates do not include losses involving uninsured property or flood-related losses, some of which are covered under the National Flood Insurance Program.

“Not all insurance companies are represented by OII’s survey or PCS findings. The range of $52.6 to $57.8 million in losses for Ohio is the industry’s best guesstimate at this time,” said OII President Dan Kelso.

OHIO PRELIMINARY STORM LOSS ESTIMATES

Ohio Insurance Institute

OII estimates are based on a survey of its member companies representing over three-fourths of Ohio’s personal auto and homeowners insurance markets and 37 percent of Ohio’s commercial lines market, based on 2014 Ohio market share data. 25 property/casualty insurance companies participated in the OII April 2-3 windstorm survey.

Initial insurance company claims estimates ranged from none to 2,950. Insured losses reported by companies ranged from $500 to over $16 million.

Loss estimates by policy type do not add up to the total insured loss amount. Not all insurers provided dollar losses by policy type. Claims by policy type also do not add up to total claims estimates. Not all insurers reported claims information by policy type.

OII survey findings show that the majority of claims reported to-date (about 89 percent) pertain to homeowners insurance. Most losses were the result of high winds causing damage to roofs, gutters, siding and windows, and to autos. Water damage to ceilings and walls were also reported. Insurers expect to have most claims paid within 10-30 days of filing.

PCS

Ohio’s preliminary insured property loss estimates, according to Property Claim Services are as follows:

Source: OII

Topics Carriers Profit Loss Claims Windstorm Ohio Property Homeowners