Catastrophe risk modeling company AIR Worldwide Corporation estimates insured losses from last week's Pacific Northwest winter storm could exceed $500 million.
Wind gusts of more than 90 mph were widely reported across Oregon and Washington, and heavy precipitation caused localized flash flooding in western Washington and blizzard conditions in the eastern part of the state, AIR said.
"This was the worst wind storm to strike the Pacific Northwest since the 1993 Inauguration Day storm," said Peter Dailey, director of atmospheric science for research and modeling at AIR Worldwide.
Mr. Dailey said, "The wind speeds observed from last week's storm were similar or a bit higher than those of the 1993 storm, but were more widespread, extending south to Oregon and east to Montana, so total damage is likely to be higher."
The Pacific Northwest winter storm struck late last week, causing damage to roofs, cladding and windows. More significant structural damage occurred as a result of downed trees and utility poles. On Saturday, Washington Gov. Christine Gregoire declared a state of emergency. More than a quarter of a million remained without power as of late Sunday.
Using its U.S. Winter Storm model, the AIR estimate includes insured losses from damage due to wind, precipitation and cold temperatures.
Like most winter storms in the Pacific Northwest, damage from the Dec. 14th to 15th event was caused primarily by wind. Heavy snow and the coldest temperatures were confined to the interior mountainous regions with lower property exposure.
National Underwriter reported yesterday that insurers are just getting preliminary information about losses. Insurance Services Office Inc.'s Property Claim Service also designated the storm a catastrophe, meaning insurance losses in excess of $25 million.
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