Insurance Information Institute: U.S. insurers paid $1.04 billion in lightning-related homeowners insurance claims

The Insurance Information Institute announced that U.S. insurers paid $1.04 billion in lightning-related homeowners claims in 2024, marking a 16.5% decrease from the previous year. Both the number of claims and their severity reached multi-year lows, according to a press release.

According to the Insurance Information Institute's press release, lightning-related homeowners insurance claims in the U.S. totaled $1.04 billion in 2024, representing a 16.5% decline from the $1.24 billion paid in 2023. The number of claims also dropped significantly, falling by 21.5% to 55,537 in 2024, which is the lowest number of lightning-caused claims since before 2017. The report further notes that more than half of these claims came from just ten states, with Florida, Texas, and California being the most affected, demonstrating the geographic concentration of lightning risk in the U.S.

The Insurance Information Institute attributed these decreases to greater public awareness and more effective risk mitigation efforts. Triple-I CEO Sean Kevelighan said, "Fewer claims and a decline in severity indicate increased awareness and improved mitigation," while also cautioning that lightning remains a significant threat, particularly during storm season. The press release emphasizes that while the reduction in claims is positive, homeowners and insurers must remain vigilant to protect against severe property losses from lightning.

State-level data compiled by the Insurance Information Institute and State Farm revealed that while the national average cost per lightning claim in 2024 was $18,641, Texas experienced a much higher average at $38,558 per claim. Florida reported the largest number of lightning claims (4,780), totaling $113.2 million; however, Texas had the highest overall payout at $168.5 million, underscoring both the frequency and severity of lightning-related losses in certain states. The press release also highlighted that ground surges were responsible for nearly half of all lightning-related claims, with such electrical surges causing damage to appliances, systems, and structures.

According to its official website, Triple-I was founded in 1960 and is recognized as a premier source of risk and insurance insights for consumers, industry professionals, policymakers, and the media. The organization is affiliated with The Institutes and represents members responsible for nearly half of all U.S. property/casualty insurance premiums written. Triple-I’s mission focuses on providing data-driven research and educational resources to advance understanding of insurance and risk while supporting both national and global markets.