Insured Losses Mount in Ohio from April Storms

The Ohio Insurance Institute reports that preliminary estimates of an April storm outbreak caused insured property losses of up to $57.8 million in Ohio alone. Several other states, including Illinois and Indiana, were impacted by the storms.

According to the OII and Property Claim Services (PCS), severe weather in early April caused between $52.6 and $57.8 million in preliminary insured losses in Ohio. Peak wind gusts of more than 60 mph were reported in several Ohio counties including Darke, Franklin, Hamilton and Montgomery.

The two-day spring outbreak affected Delaware, Illinois, Indiana, Maryland, New Jersey, New York, Ohio, Pennsylvania, Virginia and Washington, D.C. Property Claim Services (PCS), a division of Verisk Analytics, estimated preliminary insured losses at nearly $350 million in total.

PCS compiles insured property loss estimates from catastrophes for the insurance industry.

The OII said according to PCS estimates, Ohio had the second highest losses of the affected states. Indiana is expected to have the highest level of paid losses, which in early May stood at $71.4 million.

“Not all insurance companies are represented by OII’s survey or PCS findings. The range of $52.6 to $57.8 million in losses for Ohio is the industry’s best guesstimate at this time,” OII President Dan Kelso said in the organization’s announcement.

OII Preliminary Figures

OII estimates are based on a survey of its member companies, which represent more than three-fourths of Ohio’s personal auto and homeowners insurance markets and 37 percent of Ohio’s commercial lines market, according to 2014 Ohio market share data. Twenty-five property/casualty insurance companies participated in the OII April 2-3 windstorm survey.

Initial insurance company claims estimates ranged from none to 2,950. Insured losses reported by companies ranged from $500 to more $16 million.

Note: Loss estimates by policy type do not add up to the total insured loss amount. Not all insurers provided dollar losses by policy type. Claims by policy type also do not add up to total claims estimates. Not all insurers reported claims information by policy type.

OII’s survey shows that the majority of claims reported to-date (about 89 percent) pertain to homeowners insurance. Most losses were the result of high winds causing damage to roofs, gutters, siding and windows, and to autos. Water damage to ceilings and walls was also reported.

Insurance companies said they expected to have most claims paid within 10 to 30 days of filing.

PCS Preliminary Ohio Estimates

Line of Insurance

Claims

Insured Losses

Homeowners

8,700

$51.5 million

Auto

900

$2.03 million

Commercial

700

$4.25 million

Total

10,300

$57,780,000

OII and PCS estimates do not include losses involving uninsured property or flood-related losses, some of which are covered under the the National Flood Insurance Program.