By Max Dorfman, Analysis Author, Triple-I
The overall worth of lightning-caused owners 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 common value per lightning-caused declare elevated 14.6 %, to $17,513 from $15,280.
“Rising inflation, together with increased substitute, development and labor prices impacted declare prices for the 12 months,” 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 lowering these dangers via efficient mitigation efforts,” Kevelighan mentioned.
Florida – the state with essentially the most thunderstorms – remained the highest state for variety of lightning claims in 2023, with 6,003. Nevertheless, Texas had the best common value per declare at $41,654.
A lot of this harm is because of extreme convective storms, that are among the many commonest, and most damaging pure catastrophes in the USA. The results of heat, moist air rising from the earth, these storms manifest in varied methods, relying on atmospheric situations – from drenching thunderstorms with lightning, to tornadoes, hail, or harmful straight-line winds.
Harm brought on by lightning, comparable to fireplace, is roofed by commonplace owners insurance coverage insurance policies. Some owners insurance policies present protection for energy surges which are the direct results of a lightning strike.
High 10 States for Owners 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 |
| High 10 States | $712,802,320 | 36,684 | $19,431 | |
| Supply: Insurance coverage Data, State Farm ® | ||||
“Mitigating the dangers of lightning strikes begins with an intensive evaluation earlier than a storm,” mentioned Tim Harger, govt director on the Lightning Safety Institute, which gives 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 brought on by lightning strikes.
RELATED LINKS
Info and Statistics: Lightning
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The Risks of Shoddy Lightning Safety System Installations
