Insurance losses for 2012's summer derecho storms in the Midwest have reached $845 million in Ohio, nearly double the initial estimate of $440 million announced by the Ohio Insurance Institute (OII) last year.
“Wind losses are tricky to detect initially, and there were likely a number of power outages throughout the state that weren't included in the initial estimate of business losses from a commercial standpoint,” says Mary Bonelli, spokeswoman for the OII. “There may also have been roofers and contractors going door-to-door following the major disasters and identifying damage that consumers might not have thought they had.”
The summer derecho is now the third-costliest catastrophe in the state in terms of insurance losses, coming ahead of Superstorm Sandy, which settled at $292 million. The worst-ever event in the region remains Hurricane Ike, which caused $1.255 billion in losses in 2008.
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