Filed Under:Claims, Catastrophe & Restoration

Early Feb. Storm Could Cost Insurers $1.4B

Catastrophe modeler AIR Worldwide estimates insured losses from a massive winter storm earlier last month to be between $790 million and $1.4 billion.

The storm, which occurred on Feb. 1 and Feb. 2, affected nearly 100 million people from Texas and Oklahoma, making its way up through Chicago and on to New England. Thirty states were affected by up to a foot and a half of snow in some places, as well as high winds and ice, AIR reported.

The modeler said the loss estimate includes damage to residential, commercial, and industrial property, and automobiles, as well as additional living expenses doled out by insurers and business interruption losses. At press time, the buildup of snow, sleet, and freezing rain had reportedly caused more than 70 roof collapses.

This winter has broken snow accumulation records in Newark, N.J., with 62 inches compared to the seasonal average of 25 inches. New York City normally gets about 22 inches of snow but has gotten 56 inches this winter in Central Park, AIR reported.

Insurers said some claims have come in from the storm for frozen pipes and ice dams. More claims are likely once the snow and ice begins to thaw, when leaks can occur.

Top Story

Q&A: Meet new NAPSLO president Hank Haldeman

Haldeman discusses what he enjoys most about the Surplus Lines business, his priorities as NAPSLO president, and some of the greatest challenges the E&S industry will face in the year to come.

Top Story

Scenes from NAPSLO 2014: Day Two

Celebrating the past four decades with NAPSLO's 40th birthday party and the Next Gen four decades panel.

More Resources

Comments

eNewsletter Sign Up

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.