Filed Under:Claims, Catastrophe & Restoration

Moody’s Calls Oct. Snowstorm Major Capital Event for Insurers

Damage in Excess of $1B Expected

The freak October snowstorm that dumped more than 2 feet of snow in some locations is expected to be a major capital or credit event for the property and casualty insurance industry, says credit rating service Moody’s.

The Oct. 29 storm knocked out power to close to 2 million homes and businesses at its height over a six-state region. The storm is expected to result in economic damage in excess of $1 billion. Moody’s says the storm is credit negative for P&C insurers in the U.S. and is expected to adversely affect earnings “during a year of unprecedented catastrophe losses.”

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