Storms Cause Damage in Ohio for More Than $433 Million


Ohio Insurance Institute is a trade group of state insurance industry. The financial losses that these storms have caused to the state are among the costliest natural disasters in the history of the state. The damage losses due to the storms are likely to impact the insurance industry of Ohio significantly. Still, insurance carriers are not hesitating in their efforts to offer support to consumers in all storm-affected areas and alleviate the financial aspects related to the disasters.

Ohio Insurance Institute Anticipates 107,000 Claims

The $433 million damage estimate of Ohio Insurance Institute excludes approximately $29 million in recovery costs and infrastructure damage. These costs are based on reports of 38 counties affected by these storms. The Ohio Insurance Institute estimates that the insurance claims due to the disasters could exceed 107,000. Majority of the claims would be from homeowners, while another big chunk of claims would be auto insurance claims.

Storms Result in Property Damage and Power Outages

The storms have resulted in extensive damage to homes, vehicles, and businesses, apart from widespread power outages. The storms have caused five deaths but the death toll could be more when the searches for people missing after the storms come to an end. The insurance industry of Ohio has been forced to bear the brunt of the damages that the storms have caused. Still, they have been providing necessary services effectively to consumers. The Ohio Insurance Institute has forewarned of more storms in the coming months to hit Ohio.

Insurance Industry Struggling with Costly Natural Disasters

Insurance companies of United States have been continuously struggling in managing the damages and losses due to devastating natural disasters. Their problem has been compounded even further by the drought that has been devastating many areas of the country. The Ohio Insurance Institute expects several changes in the Ohio insurance industry as well as the insurance industry of the entire country due to such frequent disastrous natural disasters. The Institute anticipates that the insurance industry might hike up insurance premiums but feels that it is still very early to predict this definitely.