Blizzards Cost Insurers Nearly $2 Billion
Property insurers have suffered losses of nearly $2 billion from wind damage, collapsed roofs, power outages and burst pipes caused by this year’s blizzards, a trade group said Thursday.
Forty-one states have suffered the damage, said Property Claim Services, a division of American Insurance Services Group Inc.
The group said it is the highest amount of losses due directly to winter storms through February. Insurers incurred nearly $3 billion in losses in the winter of 1993, but much of that was due to a blizzard in mid-March.