Winter storms that delivered major snowfalls across the U.S. fueled P&C insurers' cat-loss concerns in February—but the resulting level of claims proved to be modest, says Aon Benfield in its latest Global Catastrophe Recap.
Severe winter weather and flooding produced the largest global loss events, says Steve Jakubowski, president of Impact Forecasting, Aon Benfield's catastrophe modeler, "with the United States being particularly impacted by a series of powerful winter storms."
While the damage was widespread, economic losses across the affected U.S. states "were within the expected range for events of this magnitude, and, in some cases, insured losses were actually lower than might have been expected," he adds.
Four severe winter storms struck the United States in February, producing hundreds of millions of dollars in economic losses.
Aon Benfield Senior Scientist and Meteorologist Steven Bowen said insured losses for the month of February in the U.S. from three of the first four notable winter storms were likely less than $100 million. He added that it remains too early to project loss specifics from the late-February storm.
The worst of the four storms was the February 8-9 Nor'easter that battered the Northeast and Mid-Atlantic states, producing economic losses in excess of $100 million and damaging more than 10,000 structures. The storm delivered peak snow totals of 40 inches in Hamden, Conn. and dumped close to 25 inches of snow on Boston, producing storm surge of more than 4 feet. The storm, which covered six states and affected 60 million people, took 15 lives.
A second storm followed the first February winter storm, blanketing the Midwest, Plains and Southeast on Feb. 9-11, producing $100 million in economic loss and damaging more than 7,500 structures. Blizzard conditions covered the Plains and Midwest with the heaviest snow totals in South Dakota, North Dakota, Nebraska and Minnesota. The system, extended south, producing an EF-4 tornado that hit Hattiesburg, Miss., with 170 mph winds. The tornado injured at least 82 people and damaged more than 1,600 homes, businesses and other structures in the counties of Forrest and Lamar.
There was no relief later in the month for that section of the country as a third winter storm struck on Feb. 21-22 producing heavy snow, sleet and ice. That system produced millions of dollars in economic loss and damaged thousands of homes and businesses.
A fourth storm on Feb. 24-27 bought snowfall to Texas and Oklahoma with near-record level of 19 inches in Amarillo, Texas. There was widespread damage and high volume of automobile accidents. The severe weather produced an EF-0 tornado in downtown Tampa, Fla., that caused minor damage.
Elsewhere in the world, Tropical Depression Two in the Philippines caused the worst economic loss in February at more than $1.68 billion. Flood waters from the storm, which struck Feb. 18-20, displaced more than 51,000 families.
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