Hail Loss Claims Increased Over 3-Year Duration

Hail loss claims under personal auto insurance policies increased by 6.9 percent over the three year period from January 1, 2014 through December 31, 2016. This is according to a report released by the National Insurance Crime Bureau (NICB).

Personal auto claims accounted for 32 percent, or 773,054, of all hail loss claims during that period—second once again to homeowner policies.

Hail loss for commercial auto claims totaled 23,231 for the three-year duration. These increased 22.5 percent from 7,804 to 9,562.

“Hail damage fluctuates year-to-year, but 2016 was a particularly devastating year across the country,” according to a statement released by the NICB. “An analysis of insurance claims from the Insurance Services Office (ISO) ClaimSearch database showed that after decreasing by 21 percent from 2014 to 2015, the number of hail claims nationwide jumped 48 percent to more than 965,000 in 2016.”

According to the report, Texas continues to be the state with the highest number of loss claims with 675,678, or 28 percent, filed in the three-year period.

Image courtesy of the NICB.

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