Triple-I Weblog | Lightning-Associated Claims Up Sharply in 2023

Triple-I Weblog | Lightning-Associated Claims Up Sharply in 2023

By Max Dorfman, Analysis Author, Triple-I

The overall worth of lightning-caused householders insurance coverage claims rose greater than 30 % in 2023, to $1.27 billion from $950 million in 2022, Triple-I estimates primarily based on nationwide claims knowledge supplied by State Farm.

The variety of claims rose 13.8 % throughout the identical interval, to 70,787 from 62,189, 10 states accounting for 57 % of the whole. The typical price per lightning-caused declare elevated 14.6 %, to $17,513 from $15,280.

“Rising inflation, together with greater substitute, development and labor prices impacted declare prices for the yr,” mentioned Triple-I CEO Sean Kevelighan. Triple-I launched these estimates to upfront of Lightning Security Consciousness Week, which runs from June 23 to June 29.

“Lightning Security Consciousness Week highlights the risks lightning poses to life and property and the way insurers and policyholders are decreasing these dangers by efficient mitigation efforts,” Kevelighan mentioned.

Florida – the state with probably the most thunderstorms – remained the highest state for variety of lightning claims in 2023, with 6,003. Nonetheless, Texas had the very best common price per declare at $41,654.

A lot of this harm is because of extreme convective storms, that are among the many most typical, and most damaging pure catastrophes in the US. The results of heat, moist air rising from the earth, these storms manifest in numerous methods, relying on atmospheric circumstances – from drenching thunderstorms with lightning, to tornadoes, hail, or damaging straight-line winds.

Injury brought on by lightning, corresponding to hearth, is roofed by commonplace householders insurance coverage insurance policies.  Some householders insurance policies present protection for energy surges which are the direct results of a lightning strike. 

Prime 10 States for Householders Insurance coverage Lightning Losses by Variety of Claims, 2023

Rank State Worth of Claims No. of  Claims Avg. Value per declare
1 Florida $104,544,285 6,003 $17,416
2 Georgia $87,110,761 5,161 $16,877
3 Texas $194,288,888 4,664 $41,654
4 California $83,367,791 4,608 $18,090
5 Alabama $54,981,756 3,508 $15,673
6 Louisiana $35,167,375 3,050 $11,529
7 North Carolina $35,544,243 2,881 $12,337
8 New York $50,785,848 2,458 $20,659
9 Pennsylvania $27,219,044 2,214 $12,296
10 Tennessee $39,792,330 2,136 $18,630
Prime 10 States $712,802,320 36,684 $19,431
Supply: Insurance coverage Info, State Farm ®

“Mitigating the dangers of lightning strikes begins with a radical evaluation earlier than a storm,” mentioned Tim Harger, govt director on the Lightning Safety Institute, which offers assets for the design, set up, and inspection of lightning safety methods. “Lightning safety methods play a vital function in safeguarding properties, companies, and communities from the potential downtime and destruction brought on by lightning strikes.


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