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Cold Winter Caused $2.3 Billion in Damages

The 2014-15 winter caused an estimated $2.3 billion in insured damages in the United States, which was slightly lower than the $2.5 billion in losses recorded in the winter of 2013-14, according to a Munich Re report...
April 17, 2015

The 2014-15 winter caused an estimated $2.3 billion in insured damages in the United States, which was slightly lower than the $2.5 billion in losses recorded in the winter of 2013-14, according to a Munich Re report. The report is based on preliminary information on aggregate winter storm loss data from the Munich Re NatCatSERVICE and Insurance Services Office's (ISO's) Property Claim Services unit.

"The majority of winter storm claims are due to frozen pipes bursting, resulting in water damage to buildings and personal property," said Mark Bove, senior GEO research specialist at Munich Re America. He also indicated that significant damage can be tied to collapsed roofs, downed trees and power lines, and automobile accidents.

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