Friday, January 3, 2014
The Insurance Information Institute (I.I.I.)Â reportsÂ that winter storms are historically very expensive and are the third-largest cause of catastrophe losses, behind only hurricanes and tornadoes.
From 1993 to 2012, winter storms resulted in about $27.8 billion in insured lossesâ€”or $1.4 billion per year, on average, according to Property Claims Service for Verisk Insurance Solutions (see chart below).
Dr. Robert Hartwig, president of the I.I.I. and an economist, notes:
The I.I.I.Â offers additional facts and statistics on winter storms here.
(1) Adjusted for inflation through 2012 by ISO using the GDP implicit price deflator. Excludes catastrophes causing direct losses less than $25 million in 1997 dollars. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(2) Excludes snow.
(3) Includes wildland fires.
(4) Includes losses from civil disorders, water damage, utility service disruptions, and any workers compensation catastrophes generating losses in excess of PCS’s threshold after adjusting for inflation.
Source: The Property Claim Services (PCS) unit of ISO, a Verisk Analytics company.