The severity of lightning-strike claims in the United States has increased 80% between 2004 and 2010, even though the number of claims fell by about 23% in the period, the Insurance Information Institute (III) reports.
Lightning strikes in 2010 cost the insurance industry more than $1 billion, a "significant increase" from $798 million in 2009.
"The number of claims is down, but the average cost per claim continues to rise, in part because of the huge increase in the number and value of consumer electronics in homes," said III president Loretta Worters.
"Plasma and high-definition television sets, home entertainment centres, multiple computer households, gaming systems and other expensive devices – which can all be destroyed by power surges – are having a significant impact on claims losses."
Courtesy of Canadian Underwriter
The Insurance Advisors @ Guthrie Insurance Brokers Ltd
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