NU Online News Service, Feb. 8, 2:36 p.m. EST
Insured losses from winter storms in Texas are expected to be about $51 million, according to initial estimates based on input from insurers comprising the Southwestern Insurance Information Service (SIIS).
“It is important to stress these are very early loss numbers and they could increase significantly as above freezing temperatures are expected, even for a short time,” said Jerry Johns, president of the SIIS.
Mr. Johns said most damage will be due to burst pipes as well as strong winds during the storm, which affected as many as 30 states and 100 million people from Texas to New England early this month. There will also be some claims for vehicle damage, Mr. Johns added.
Catastrophe modeler AIR Worldwide estimates insured losses from the massive winter storm to be between $790 million and $1.4 billion.
Thus far in Texas, insurers think they have enough available adjusters to handle the needs of policyholders, Mr. Johns said.
The SIIS is also made up of insurers from Oklahoma, which was also affected by the storm. Mr. Johns said loss estimates there are still being tallied.
The storm went from Texas and Oklahoma to Illinois, where it dumped 20 inches of snow on Chicago, before heading to New England and the New York Metropolitan Area to cause problems from snow and frozen rain.
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