FOR RELEASE: May 2, 2003
FOR INFORMATION:
Mitch Wilson/Mary Bonelli:
614.228.1593
(After hours: Mitch - 614.868.0575/Mary - 614.443.0400)
EASTER SUNDAY CENTRAL OHIO HAILSTORM DAMAGE
ASSESSED
COLUMBUS - The April 20 hailstorm that struck portions of central Ohio caused
at least $51.7 million in insured losses, according to the Ohio Insurance
Institute (OII). The Easter hailstorm left a trail of damage from Hilliard to
Westerville from golf ball-sized hail, accumulating up to six inches in some
areas.
"Roofs, gutters and siding sustained the greatest extent of damage based on
claims filed by homeowners so far," said OII President Dan Kelso. "A significant
number of cars were also damaged including losses reported by car dealerships
along the I-270 outerbelt."
The OII survey shows that at least 12,499 claims totaling $51.7 million have
been filed from the storm. Over half of the claims (56%) were filed under
homeowners insurance for damages mostly to roofs, siding and gutters. Homeowners
insurance losses totaled over $37.7 million. 35% of the claims were for vehicle
damage, mostly due to dents in car roofs and hoods. Auto insurance claims
reported have reached at least $10.1 million. Most of the remaining losses were
for business-related claims, estimated at close to $3.9 million. View a
partial
list of loss estimates by insurance company.
"Although our survey includes the majority of insurers with policyholders in
the affected areas, there are likely other insurers who experienced losses and
were not survey participants," said Kelso. "Some companies indicated that they
are still receiving new claims as additional policyholders - some who were out
of town for Easter break - become aware of hail-related damage."
Survey participants represent approximately 88% of the homeowners market, 81%
of the personal auto market and about 49% of the commercial lines market. A
couple of the reporting companies weren't able to provide specific loss figures
or claims information at press time. The Institute expects the final tally of
insured hailstorm-related losses and claims from the Easter storm to
increase.
Damages caused by hail and related perils such as high winds and tornadoes,
are covered by homeowners, renters and commercial insurance policies. Vehicles
pot-marked by hail are covered under the other-than-collision (comprehensive)
portion of auto insurance. This is an optional coverage that protects insured
vehicles in situations other than a collision or overturn.
28 property/casualty insurance companies participated in the OII claims loss
survey, including nine of the top-ten writers of homeowners and personal auto
insurance in Ohio. Insurance company claims ranged from no losses to 5,250
claims. Losses reported by companies varied from a low of $4,000 to $30.1
million.
Other storms in recent history that produced significant hail damage in Ohio,
according to preliminary findings by the OII, include:
- November 10, 2002: The series of severe storms caused at
least $91 million in insured losses from nearly 15,000 claims. Most losses
resulted from tornadoes, but hail was a contributing factor.
- April 9, 2001: A rare, but costly hailstorm in the
Dayton-Kettering area that caused at least $70 million in insured losses from
about 27,575 claims.
- April 9, 1999: An early morning F4 tornado that ripped
through the Cincinnati area caused at least $66 million in insured losses from
about 4,815 claims. Hail was the cause of damage in a number of claims.
The OII is a trade association representing insurance companies and agent
groups for the property/casualty insurance industry. Its primary objective is to
help Ohioans achieve a better understanding of insurance and safety issues.
- 30-
Additional Web resources
|
April 20, 2003 Insurance company hailstorm loss
estimates (partial list)
| Company |
No. of
Claims |
Total Est. Losses
($) |
| American Family Insurance Group |
325 |
$1,135,000 |
| Buckeye Insurance Group |
25 |
50,000 |
| Central Mutual |
57 |
275,000 |
| Cincinnati Equitable |
13 |
33,000 |
| EMC-Hamilton Mutual |
12 |
36,000 |
| Farmers Insurance Group |
90 |
222,000 |
| Grange Insurance Companies |
1,000 |
2,000,000 |
| Motorists Insurance Companies |
961 |
2,296,077 |
| Nationwide |
1,500 |
5,400,000 |
| State Farm Insurance |
5,250 |
30,100,000 |
| Wayne Mutual Insurance Company |
25 |
62,000 |
TOTAL 28 COMPANIES SURVEYED
(as of 5/1/03) |
12,499 |
$51,756,577 | |
|
|
