A repeat of the ice storm that struck a large swath of Canada and the Northeast United States in 1998 could push insurance losses as high as $3 billion today, said a catastrophe risk modeler.
Newark, Calif.-based Risk Management Services said losses from a repeat of the 1998 ice storm that hit the provinces of Ontario and Quebec, Canada, and portions of the United States could result in total insured losses ranging from $1 billion to $3 billion. The 1998 storm cost insurers $1.3 billion.
While there have been infrastructure improvements since the storm, the increased concentration of homes and businesses could result in the doubling of losses, RMS said.
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