Storm losses in W.Va. prompted no major insurance rate hikes, data show

07/2/2013 | Insurance Journal

Property insurance prices in West Virginia have remained stable despite insured losses from the "derecho" storm that hit the state a year ago, according to data from the insurance commissioner's office. Property/casualty insurers received nearly 36,700 claims related to the storm and about 4,000 claims spurred by Hurricane Sandy, the data show. Most of the rate increases following the storm were 3% or lower, said Jane Cline, former West Virginia insurance commissioner. "That's relatively small when you think about the overall dollar amount that was paid out as a result of these claims," she said.

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