State Farm claims reach more than 4,700 following tornado outbreak

State Farm claims reach more than 4,700 following tornado outbreak | Insurance Business America

Catastrophe & Flood

State Farm claims reach more than 4,700 following tornado outbreak

Most of the claims filed across four states

Catastrophe & Flood

By
Kenneth Araullo

State Farm has reported receiving approximately 4,740 claims, predominantly from homeowners, following severe convective storms that occurred from April 26 to April 28, producing devastating tornadoes and significant hail across various states.

The highest number of claims came from Nebraska with 1,300, followed by Texas with 1,050, Iowa with 580, and Oklahoma with 550, according to State Farm spokesperson Benjamin Palmer.

According to AM Best, the damage reported mostly involved hail and wind impacts on automobiles and homes. In response, State Farm has mobilized its catastrophe claims teams to address the affected areas.

Over the span of these three days, the National Oceanic and Atmospheric Administration (NOAA) registered over 550 incidents of tornadoes, wind, or hail. These events occurred along a path stretching from northern Michigan southwestward to Texas.

In Nebraska, particularly around the Omaha area, NOAA has confirmed at least five EF-3 tornadoes, with wind speeds surpassing 145 mph. The agency’s photos illustrate extensive damage to both commercial and residential structures, as well as to vehicles and personal aircraft.

This storm system is part of a larger trend of severe weather events that led to global insured losses estimated at $11 billion in the first quarter of the year.

In Nebraska, the largest providers of homeowners multiperil insurance in 2022, based on direct premiums written, included State Farm Group with a 22.8% market share, followed by Farmers Mutual Insurance Co of Nebraska, American Family Insurance Group, Nationwide Property & Casualty Group, and Farm Bureau Property & Casualty Group.

In Texas, State Farm also led the market with an 18.59% share, followed by Allstate Insurance Group, USAA Group, Liberty Mutual Insurance Cos, and Farmers Insurance Group.

For Oklahoma, State Farm held the top position with a 28.56% market share. Other leading insurers were Farmers Insurance Group, Allstate Insurance Group, Liberty Mutual Insurance Cos., and USAA Group.

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