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East Coast Storms to Cost Insurers At Least $2 Billion

Posted on 15 Feb 2010

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Catastrophe risk modeling firm Eqecat estimates insured losses resulting from the two February winter storms in the eastern US will exceed $2 billion. The estimate is based on a preliminary assessment of the overall scale of these storms and their snow, ice and wind effects relative to other major events in the past two decades.

Eqecat said the most common sources of monetary losses are a result of roof damage, pipe breakage, and ice dams in eaves causing water to leak into buildings. The firm warns that some damage will not be immediately visible and will be discovered later.

It is expected that the majority of the losses will be focused in the corridor from northern Virginia to the New York metropolitan area.