Lightning-Related Insurance Claims Soar in 2023

In 2023, lightning-related insurance claims in the U.S. surged to over $1.2 billion, a 30% increase from 2022, according to the Insurance Information Institute (Triple-I). Texas alone accounted for $194 million of these claims. The number of claims rose by 13.8%, and the average cost per claim increased by 14.6%, reaching $17,513. Rising inflation and higher costs for replacement, construction, and labor contributed to the increased claim costs.

Florida led the nation in the number of lightning claims, while Texas had the highest average cost per claim. Standard homeowners insurance policies typically cover damages caused by lightning, including fires and power surges. Tim Harger from the Lightning Protection Institute emphasized the importance of lightning protection systems in mitigating these risks. The rising frequency and cost of lightning-related claims highlight the need for comprehensive risk management and preparedness measures.