Ohio Insurance Industry Loss More Than $400M Due To Storms

The recent study conducted by the Ohio Insurance Institute (OII) showed that insured losses incurred due to the summer storms that hit the Buckeye State from June 28 through July 4 have reached to more than $400 million.

Ohio Insurance Institute reported that at least $433.5 million worth of claims has been filed before property/casualty insurance companies, with an estimated total number of claims reaching 96,725. The OII conducted the summer storm survey which was participated by 27 insurance companies that represents 73 percent of the state’s homeowners insurance market, 76 percent of the state’s personal auto insurance market, and more than 30 percent of the commercial lines market.

Ohio Insurance Institute estimated that around 74,606 claims have been made for homeowners policies, 15,705 for auto insurance, and 6,083 for business insurance. As for homeowners, the insured losses are estimated to have reached $328.4 million, $34.4 million for auto, and $65.6 million for business.

The summer storms brought hails, tornadoes, high winds, and floods in Ohio and other Eastern and Midwestern states wrecking millions of damages to properties. The storm events from June 28 to July 2 have recorded an overall loss of $1.125 billion on all affected states, while an additional $300 million in losses was tallied for the storm events on July 2 through July 4 that affected Ohio, Minnesota, Michigan, Pennsylvania and Wisconsin. In these storm events, the Property Claim Services ranks Ohio as the state to have the highest losses.

The OII made it clear in the results of their study that the data presented only represented estimates as the survey have not encompassed all insurance companies in the state. But according to Dan Kelso, OII President, the actual losses are likely to be higher than the preliminary estimates presented in their study.