Storms do more than $433 million in damage
Powerful storms that hit Ohio between June 29 and July 2 this year have produced at least $433 million in damages, according to the Ohio Insurance Institute, a state insurance industry trade group. The financial losses make the storms some of most costly natural disasters the state has experienced in its history. The storms are expected to have a significant impact on the state’s insurance industry, though insurers are poised to mitigate the financial aspects of the disasters and provide support to consumers in affected areas.
Ohio Insurance Institute reports as many as 107,000 claims may be generated
The sum reported by the Ohio Insurance Institute does not include an estimated $29 million in infrastructure damage and recovery costs. These costs represent reports from 38 counties that have been affected by the storms. The Ohio Insurance Institute expects that the disasters will eventually account for more than 107,000 insurance claims, the vast majority of which will be homeowners’ claims, followed closely by auto insurance claims.
Power outages and property damage linked to natural disasters
The storms caused widespread power outages and caused a significant amount of damage to many homes, businesses, and vehicles. Thus far, five deaths have been reported in the wake of the disasters, but there are still ongoing searches for missing peoples. The storms represent the eighth natural disaster that has visited Ohio since 2011. Though the state’s insurance industry has taken somewhat of a beating from the frequency of these disasters, they are still able to provide service to consumers in an effective manner. The Ohio Insurance Institute suggests that more storms may visit the state in the coming months.
Insurance industry continues to grapple with costly disasters
U.S. insurers continue to struggle to manage the effects of devastating natural disasters and the ongoing drought that has gripped the country. The Ohio Insurance Institute suggests that these events may serve to bring about change to the insurance industry of the state and, eventually, the nation at large. These changes may come in the form of higher insurance premiums, but it is still too early to tell for certain.