U.S. snowstorms cause $2 billion insured losses
A blizzard condition is responsible for poor visibility as two pedestrians walk on the street during winter storm in Washington, February 10, 2010.
Credit: Reuters/Hyungwon Kang
NEW YORK (Reuters) - Insurers are likely to face more than $2 billion of insured losses resulting from the two major snowstorms that barreled through the eastern United States this month, the risk assessor Eqecat said on Friday.
Eqecat said the majority of losses will be realized between northern Virginia and the New York metropolitan area.
It said roof damage, pipe damage and "ice dams" -- buildups of ice on roofs along overhangs, which cause water to leak into buildings -- are the most common sources of losses.
The storms were strongest on February 6 and February 10, and generated upwards of three feet of snow in some areas. Seasonal snowfall records were set in Washington, D.C., Baltimore and Philadelphia.
U.S. President Barack Obama dubbed the first storm "Snowmageddon," and the bad weather caused federal government offices in Washington to close from February 8 to February 11.
Eqecat's insured loss forecast is higher than some estimates given for the devastating January 12 earthquake in Haiti, where many structures are not insured. About 212,000 people are believed to have died in that catastrophe.
Insured losses for catastrophes regularly reach into the billions of dollars in more heavily-insured areas.
Within the United States, hurricanes typically cause the highest insured losses. In 2005, Hurricane Katrina led to more than $40 billion of claims, making it the insurance industry's most costly natural disaster.
(Reporting by Jonathan Stempel; Editing by Bernard Orr)
A depressing winter, any way you look at it!
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