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A record-breaking spat of winter storms that blanketed the Midwest and Eastern U.S. regions with snow for the past two weeks is expected to cost insurers billions.

According to catastrophe risk modeling firm EQECAT, insured losses resulting from two February winter storms in the eastern United States will exceed $2 billion, based on a preliminary assessment of the overall scale of these storms and their snow, ice and wind impacts relative to major prior events in the last two decades.

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