The major winter storm that swept through the U.S. East Coast between February 23 and 28 caused a slew of office and school closings, federal delays, and the grounding of hundreds of planes. Life for those affected in the region has resumed its normal pace, but the incurred losses are still being calculated.
AIR Worldwide estimates total insured losses stemming from the snowstorm to be between $150 and $350 million. The catastrophe risk modeling firm adds that the overall insured losses from two prior storms, which occurred between Feb. 4-7 and Feb. 9-11, respectively, fall between $400 million and $1 billion.
"The third winter storm to slam the Northeast coast [in February] reached its height on Friday, Feb. 26, impacting nine states in the mid-Atlantic and New England through Saturday," said Dr. Peter Dailey, director of atmospheric science at AIR Worldwide, in a press release.
Combining heavy snowfall and flooding rain and winds, some of which reached hurricane-strength, the storm left Manhattan with almost 21 inches of snow within a 36-hour period. In addition to setting an all-time record for snow produced during the month of February, the storm set a new high for accumulation in a single day. Elsewhere, snowfall totaled more than two feet over parts of eastern New York and western Massachusetts. It was reported that West Halifax, Vt., received 38.5 inches of snow.
As with the two earlier storms, damage caused by snow accumulation is expected to be a major source of insured losses from this latest event.
"The late February winter storm was accompanied by higher wind speeds than the two earlier storms," Dailey added. "AIR expects claims from damage roof coverings, cladding, awnings and signage. Damage to both structures and automobiles from fallen trees is also likely."
