Insurance Losses From 2014 Winter Storms Likely To Reach $2.5B
A repeat of this past winter's deep freeze is possible. All that cold, ice and snow translates into frozen pipes, collapsed roofs, auto accidents and slip-and-fall injuries. In fact, insurance data give us another way to describe just how cold last winter was and how cold it's likely to be this year.
"Severe winter weather is the third-largest cause of insured catastrophe losses, after hurricanes and tornadoes," said Dr.
"Winter storm claims, including those associated with freezing and ice damage, accounted for 6.4 percent of all insured catastrophe losses between 1994 and 2013, placing it third behind hurricanes and tropical storms (41 percent) and tornadoes (36 percent) as the costliest natural disasters,"
This year it's even worse. Even before cold and snow once again gripped much of the nation this month, Munich Re reported there were already 11 winter storms and cold waves occurring in the January through March period, causing 84 fatalities and an estimated
Indeed, in the first quarter of 2014 the Eastern U.S. experienced its coldest winter in over a decade, according to Munich Re. And America as a whole is experiencing its coldest November since 1976, Weather Bell models noted.
Auto claims always spike in the winter, thanks to snowy, icy roads but this past winter was worse. According to data from Verisk's
The effects spilled over into the workplace. Winter-related slip-and-fall claims at Midwestern workplaces doubled in 2013-2014 from the previous year, according to
RELATED LINKS
Issues Update: Catastrophes: Insurance Issues
Facts and Statistics: Winter Storms
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