State Auto Financial is an Ohio auto insurance and property/casualty insurance company and they saw a huge influx of claims throughout Ohio and the rest of the mid-west in May due to devastating storms. They expect a pre-tax loss of around $45 million to $50 million from the storms throughout May. Three specific catastrophes affected 23 of the states they operate in, including the massive tornado that hit Joplin, Missouri on May 22nd. Auto insurance claims as well as property claims from tornadoes, wind and hail poured in quickly in a very short period of time.
State Auto plans on having over 9000 claims on cars and homes filed throughout the coming months due to the storms. They confirmed previously that $75 million to $85 million in losses were experienced from April storms. Before 2011, State Auto’s historic 5 year average loss ratio for the 2ndQ is around $50 million of losses so they are feeling a huge impact from these storms. Bob Restrepo, State Auto Financial president and chairman CEO said that these storms continued a deadly pattern of destruction throughout the mid-west.
The article “State Auto Financial Expects May Catastrophe Loss Up To $50m” found on claims.insurance-business-review.com points out that State Auto employees are working endlessly to respond to claims quickly and efficiently in the best effort to help out struggling victims. Some agents who even lost their offices due to storms are working to help customers through this tough time.
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