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U.S. insurers see fewer but more costly lightning claims | Canadian Insurance
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U.S. insurers see fewer but more costly lightning claims

In 2013, the average claim cost $5,869, while in 2014, it cost $7,400.

American insurers paid 13 percent fewer lightning claims last year than they did in 2013, but the cost of each claim has increased, according to the Insurance Information Institute. In 2013, the average claim cost $5,869, while in 2014, the amount was up 26 percent to $7,400.

“The incidence of lightning claims last year is a continuation of a downward trend,” said James Lynch, the I.I.I.’s director of information services and chief actuary. “Since 2010, the number of paid lightning claims is down more than 53 percent.”

But since 2010, the average cost per claim rose nearly 53 percent as well. Lynch notes this is in part because customers have more (and more expensive) electronics at home, and while protection systems have eliminated smaller claims, larger damages have driven the average up.

Read more: Lightning Insurance: What are the Chances?