NU Online News Service, Feb. 7, 10:57 p.m. EST
Catastrophe modeler AIR Worldwide estimates insured losses from a massive winter storm earlier this month to be between $790 million and $1.4 billion.
The storm, which occurred on Feb. 1 and Feb. 2, affected nearly 100 million people from Texas and Oklahoma, up through Chicago and on to New England. Thirty states were affected by up to a foot and a half of snow in some places, as well as high winds and ice, AIR said.
Tim Doggett, principal scientist at AIR, said roof collapses are still a possibility, especially for light metal, long-span roofs.
The modeler said the loss estimate includes damage to residential, commercial, and industrial property, and automobiles, as well as additional living expenses doled out by insurers and business interruption losses.
This winter has broken snow accumulation records in Newark, N.J. with 62 inches compared to the seasonal average of 25 inches. New York City normally gets about 22 inches of snow but has gotten 56 inches this winter in Central Park, AIR reported.
Insurers said some claims have come in from the storm for frozen pipes and ice dams. More claims are likely once the snow and ice begins to thaw, when leaks can occur.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
