State Farm recently released its hail insurance claims data, revealing that there was a $1 billion increase in filings for damage from that cause in 2022 when compared to the figure for 2021.
The insurer has pointed to more claims and rising inflation to explain this massive spike.
Compared to 2021, the number of hail insurance claims rose by nearly 45,000 in 2022. That said, as large as that jump may be, it wasn’t the only factor the insurer identified to explain the huge $1 billion increase in the span of a single year.
Inflation and supply chain issues were the other problem. They occurred throughout the country and, when combined with the rise in claims, it caused a tremendous jump in the size of the payouts being made.