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January 3, 2014

Winter Storms Are Major Cause of Cat Losses

The arrival of the first major winter storm of 2014 just two days into the new year makes this a good time to take stock of the insurance implications.


The Insurance Information Institute (I.I.I.) reports
that winter storms are historically very expensive and are the third-largest cause of catastrophe losses, behind only hurricanes and tornadoes.

From 1993 to 2012, winter storms resulted in about $27.8 billion in insured losses—or $1.4 billion per year, on average, according to Property Claims Service for Verisk Insurance Solutions (see chart below).

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http://www.iii.org/insuranceindustryblog/?p=3491