NU Online News Service, Aug. 13, 2:14 p.m. EDT
A round of storms in late June and early July has amounted to the third costliest insurance event in Ohio history with estimated insured losses of at least $433.5 million.
Insured losses could be as high as $440 million, says the Ohio Insurance Institute (OII), from more than 100,000 claims related to storms bringing straight-line winds from June 28-July 4.
Grouping the storms together as a single event, this is the eighth major natural disaster to hit Ohio since 2011, according to OII President Dan Kelso. Only a windstorm from Hurricane Ike in 2008 and the Xenia tornado outbreak in 1974 have caused more insured losses to the state.
OII says about 78 percent of claims filed to date are for homeowners or renters insurance. The storms caused wind and hail damage to roofs, gutters, siding, windows and other property. The state trade association adds that refrigeration losses and business-interruption claims were also filed, as the storms knocked out power to millions.
Winds of at least 58 mph from the “derecho” storms June 28-July 2 caused about $1.125 billion in insured losses in 10 states andWashington D.C., reports ISO’s Property Claims Services (PCS).
Ohio was one of five states affected by storms July 2-4, which are said to have caused an additional $300 million in losses in those states, continues PCS, with Ohio taking the brunt of losses in both storms.
New Jersey-based PCS puts Ohio-generated claims at about 107,300, with claims totaling $440 million.
OII says insured losses reported by 27 surveyed property and casualty insurance companies varied from $20,000 to more than $60 million.
Columbus, Ohio-based Nationwide says it received more than 33,000 claims from the derecho storms. The insurer says it paid more than $850 million on weather-related claims during the first half of 2012.