According to a recent Guy Carpenter catastrophe informationreport, a severe winter storm that affected 17 states in the pastweek has left more than half a million homes and businesses withoutpower. The heavy weight of the ice is believed to be the cause ofmost of the power outages with snapped tree branches, shorted outtransformers, and sagging power lines.
Insurance Day reported that ISO's Property Claim Services (PCS)has already declared the event a catastrophe because losses areexpected to exceed $25 million. PCS declared a catastrophe afterreceiving several claims from Illinois, Missouri, Kansas, Oklahomaand Texas. Insurance Day said business interruption claims arelikely to be considerable due to the widespread loss of power andlosses are likely to rise significantly.
Reports said that affected states include: Arizona, Arkansas,California, Colorado, Illinois, Kansas, Missouri, Indiana, Iowa,Oklahoma, Maine, Michigan, New Mexico, New York, Nevada, Texas, andUtah.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
