Ohio’s widespread severe thunderstorms on July 10 that included flooding and three tornadoes caused between $71.5 and $84.8 million in insured losses, according to insurance industry estimates.
Excessive rain during the previous two weeks combined with the high winds of July 10 caused damages primarily from downed trees and power lines, and flooding.
The Ohio Insurance Institute (OII) reported that preliminary losses from its member companies representing about three-quarters of the Ohio private passenger auto and homeowners markets to be at least $71.5 million based on survey findings.
Property Claim Services reported the July 9-11 storm system primarily affected Ohio and Pennsylvania, with Ohio insured loss estimates at $84.8 million.
Insurance industry estimates do not include losses involving uninsured property or flood-related losses, some of which are covered under the National Flood Insurance Program.
“Not all insurance companies are represented by OII’s survey or PCS findings. Final losses will likely be closer to PCS’ figures. This range is the industry’s best guesstimate at this time,” said OII President Dan Kelso.
According to OII, this is the tenth major natural disaster to hit Ohio since 2011, including two winter storms in 2011 and eight wind-hail storms.
Three afternoon tornadoes were confirmed during the July outbreak: An EF-1 in Seneca and Huron counties, and an EF-0 in both Sandusky and Huron counties. A flash flood watch was in effect in many parts of the state. Hail damage was also reported in portions of the state.
OII preliminary summer storm loss estimates
26 property/casualty insurance companies participated in the OII July 10 storm survey. They represent nearly 76 percent of Ohio’s personal auto market, over 72 percent of the homeowners insurance market and about 31 percent of Ohio’s commercial lines market based on 2012 Ohio market share figures. Initial insurance company claims estimates ranged from one to 2,850. Insured losses reported by companies varied from $35,000 to over $10.6 million.
- Claim estimates to date: 16,268
- Homeowners: 11,846
- Auto: 1,598
- Business: 2,824
- Loss estimates to date: $71,451,729
- Homeowners: $59,186,741
- Auto: $4,604,893
- Business: $7,260,095
Note: Loss estimates do not add up to the total amount. Not all insurers provided dollar losses by policy type.