You are here:HomeNews CenterInsurance News2014It’s Been a Very Costly Winter

It’s Been a Very Costly Winter

Near-record snowfall and prolonged extreme cold throughout many parts of the United States have resulted in insured losses from winter storms of more than $1.5 billion thus far, according to the Insurance Information Institute...
March 13, 2014

Near-record snowfall and prolonged extreme cold throughout many parts of the United States have resulted in insured losses from winter storms of more than $1.5 billion thus far, according to the Insurance Information Institute (I.I.I.). The estimated $1.5 billion figure covers events occurring between January 1 and February 21, 2014, with more than 175,000 claims paid to policyholders. The figure includes only two of the four big 2014 winter storms to date. Winter does not officially end until March 19.

“While most winter storm losses occur in northern and mountainous regions of the United States, this spate of severe cold has also affected millions of home and business owners in the south, many of whom were unprepared for such extreme conditions,” said Dr. Robert Hartwig, president of the I.I.I. and an economist. Hartwig added that despite the severity of this winter, losses are well within the magnitude planned for by insurers, noting that the insurance industry entered 2014 in rock solid financial condition, with record claims paying capital.

Filed under: