Oklahoma’s Hail And Wind Damage Could Cost Insurers $400M
|By Don Mecoy, The Oklahoman, Oklahoma City|
|McClatchy-Tribune Information Services|
"From the standpoint of comparing this to the hail event we had a couple of years ago in the spring that was just a massive hailstorm, it is not even close to the magnitude of that event," said
Wiscaver said media coverage of last week's hailstorms may have left the impression they caused heavy property damage.
"We've certainly had some damaging hail that's been in isolated areas throughout the state," he said. "But we've not seen nearly the level of claims anticipated based on the level of (media) coverage and level of reported hail that hit in some of the areas."
"That's preliminary," Helin said. "The numbers change. For one company, it doubled between Thursday and Friday."
Claims for damage caused by the storm are widespread, Helin said. The
While it may take months for all the claims to be filed, Helin said
Hailstorms typically generate about three to four times the number of vehicle claims as homeowners' claims, she said. However, homeowners' claims, which often involve roof replacement, tend to cost three to four times as much as vehicle claims, she said.
Oklahomans pay among the nation's highest average premium for personal property insurance, mainly because of damage from high winds and hail. Insurance companies evaluate losses in a geographic area over a number of years to determine premiums.
Oklahoma Insurance Commissioner
"By any measure, this was a big storm," Doak said Monday. "The response from the industry has been strong and organized. We've talked to many agents and adjusters who have their hands full processing claims."
No consumer problems had been reported to the
Wiscaver said agents from
"We're hard at it, and we've already made contact with the vast majority of customers who turned claims in," he said. "There's a difference between damaging hail and hail. So people are assessing if they have a situation where there's damage."
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