Wednesday, May 25, 2011

April's stormy weather hard on Ohio insurance companies

The Ohio Insurance Institute reports that dual April storm events cause over $123 million in Ohio insured losses

April will likely be known as one of the most active and destructive months for severe weather in US history. What may come as a surprise is that Ohio sustained a sizeable share of insured losses from two separate April storm events.

Preliminary losses in Ohio from the pair of storms are estimated at over $123 million from 23,600 claims. April 19-20 high winds, tornadoes and hail in Ohio caused at least $43 million in insured losses, according to the Ohio Insurance Institute (OII) with over 8,100 claims filed to-date.

Just two days later, the April 22-28 outbreak affecting Ohio along with a dozen other states caused at least $80 million in insured losses with 15,500 claims statewide, according to preliminary estimates from Property Claim Services.

Storm loss estimates don’t include flood insurance-related losses.

- Jeffrey L. Frischkorn


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