State Farm says hail insurance claims rose by $1 billion in 1 year

Hail Insurance - Person holding hail

The insurer has released its annual claims figures showing the impact of increased filings and inflation. State Farm recently released its hail insurance claims data, revealing that there was a $1 billion increase in filings for damage from that cause in 2022 when compared to the figure for 2021. The insurer has pointed to more claims and rising inflation to explain this massive spike. Compared to 2021, the number of hail insurance claims rose by nearly 45,000 in 2022. That said, as large as that jump may be, it wasn’t…

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Oklahoma insurance for wind and hail coverage may lead to significant losses

Insurance news

Insurers in the state will face costs estimated at $400 million. The severe weather in the state last week could lead Oklahoma insurance companies to have to pay an estimated $400 million to cover insured property damage, according to an industry group. At the same time, a major insurer has claimed that the high winds and hail were not considered to be catastrophic. According to the Oklahoma Farm Bureau Insurance vice president of public affairs, John Wiscaver, “From the standpoint of comparing this to the hail event we had a…

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