Ohio Storms Insurance Claims Reaches $433 Million

Speculations are high that insurance premiums in Ohio may rise in the next months as effect of the damages brought by storms that ravaged the state in June and early July this yearthat have led to more than $433.5 million in insurance claims

The Ohio Insurance Institute (OII) have estimated that insurance claims in the state due to the summer storms have reached 96,725 and could still reach around 107,300 as policyholders may file late.

Initial estimates from OII showed that around 74,606 of claims are made for homeowners policies at around $328 million, 15,707 auto insurance claims at around $34.4 million, and a little over 6,083 business insurance claims amounting to almost $65.6 million.

The summer storms that hit the said state is being considered as the third costliest natural disaster that have struck Ohio in modern times. Worst is the 2008 Hurricane Ike Windstorm in which insurance losses reach over $1.14 billion. Second costliest is the Xenia tornadoes that hit Ohio in 1974.

Said summer storms is the eight major natural calamities that have brought great amount of damage to Ohio.

Due to the high amount of losses from the insurance industry, many insurance consumers have expressed their concern that insurance premiums may be affected.