Advertise
Resources
Member, Beacon International Group, Ltd.
Lightning strikes and a video gamer cries could be one conclusion resulting from an Insurance Information Institute Inc. study on insurance claims.
While the number insurance claims from lightning strikes fell 13% to 186,000 claims in 2011 compared with 2010, insured losses still were nearly $1 billion last year, the III said Thursday in a statement.
Compared with 2010, the average cost per claim rose 5.5% to $5,112 in 2011. The average cost per claim increased 93% from 2004 to 2011, partly because of the increased use of consumer electronic devices within households, the III said.
“The number of paid 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,” Loretta Worters, vp of the III, said in the statement. “Plasma and high-definition television sets, home entertainment centers, multiple computer households, smart phones, gaming systems and other devices that be destroyed by power surges continue to have a significant impact on claims losses.”
Electronic products also may have increased in value due to shortages caused by supply chain disruptions last year in Japan and Thailand, which in turn increased claims costs, according to the statement.
To prevent gaming system meltdown and protect other electronic equipment when storms threaten, the III recommends having certified lightning protection systems installed in homes and businesses.
A man who got into a verbal dispute with Bristol Palin at a Los Angeles bar is suing her for alleged defamation of character for airing video of their argument during a promotion for the reality television star.