• About Us |
  • Follow Us: 
theinsurance411.com logo

The Insurance 411

What you need to know about insurance

  • Essential Property and Liability Insurance
    • All Property & Liability Topics
    • Business Income Insurance
    • General and Auto Liability
  • Specialized Insurance Policies
    • All Specialized Prop & Liability Topics
    • Credit Risk
    • Cyber Insurance
    • Directors & Officers
    • Employment Practices Liability
    • Environmental Liability
    • Professional Liability
    • Surety
    • The Basics
  • Workers’ Compensation Insurance
    • All Workers’ Comp Topics
    • Claims Management
    • Controlling Costs
    • Loss Prevention
    • Regulations
    • The WC Basics
  • Employee Benefits
    • All Employee Benefit Topics
    • Affordable Care Act – “ObamaCare”
    • Benefits Management & Compliance
    • COBRA
    • Dental Insurance
    • Group Disability Insurance
    • Retirement Plans
    • Vision Plans
    • Voluntary Benefits
  • Essential Property and Liability Insurance
    • All Property & Liability Topics
    • Business Income Insurance
    • General and Auto Liability
  • Specialized Insurance Policies
    • All Specialized Prop & Liability Topics
    • Credit Risk
    • Cyber Insurance
    • Directors & Officers
    • Employment Practices Liability
    • Environmental Liability
    • Professional Liability
    • Surety
    • The Basics
  • Workers’ Compensation Insurance
    • All Workers’ Comp Topics
    • Claims Management
    • Controlling Costs
    • Loss Prevention
    • Regulations
    • The WC Basics
  • Employee Benefits
    • All Employee Benefit Topics
    • Affordable Care Act – “ObamaCare”
    • Benefits Management & Compliance
    • COBRA
    • Dental Insurance
    • Group Disability Insurance
    • Retirement Plans
    • Vision Plans
    • Voluntary Benefits
Top Business 411 Stories
  • | Marijuana and Workers Compensation
  • | How to Get Sued By Your Employees in 10 Easy Steps
  • | Employee Dental Insurance for Every Budget
  • | How Do Your Healthcare Providers Rate?

Winter Weather and Cat Losses

January 9, 2015 by The Insurance 411Leave a Comment

With frigid temperatures and snow expected to fall around the New York City area and other parts of the United States this week, it’s a good time to review how winter storms can impact catastrophe losses.

For insurers, winter storms are historically very expensive and the third-largest cause of catastrophe losses, behind only hurricanes and tornadoes, according to the I.I.I.

Despite below average catastrophe losses overall in 2014, insured losses from winter storms were significant. In fact winter storms in the U.S. and Japan accounted for two of the most costly insured catastrophe losses in 2014.

According to preliminary estimates from sigma, extreme winter storms in the U.S. at the beginning of 2014 caused insured losses of $1.7 billion, above the average full-year winter storm loss number of $1.1 billion of the previous 10 years.

And Aon Benfield’s 2015 Reinsurance Market Outlook notes that a multi-billion-dollar February winter weather insured loss event in Japan was one of the costliest ever for the country’s industry.

Sigma estimates the insured loss payout from that Japan winter storm at $2.5 billion and ranks it as the third costliest insured catastrophe loss of 2014.

What about the year prior?

Winter storms caused $1.9 billion in insured losses in 2013, up dramatically from $38 million in 2012, according to reports from Munich Re.

From 1994 to 2013 winter storms resulted in about $27 billion in insured catastrophe losses (in 2013 dollars), or more than $1 billion a year on average, according to Property Claim Services (PCS).

The good news is that NOAA’s U.S. Winter Outlook predicted early on that a repeat of last year’s winter of record cold and snow is unlikely.

In a release, NOAA’s Climate Prediction Center said:

Last year’s winter was exceptionally cold and snowy across most of the United States, east of the Rockies. A repeat of this extreme pattern is unlikely this year, although the Outlook does favor below-average temperatures in the south-central and southeastern states.”

Theme: Auto & Homeowners, Business Insurance, News, Recommended

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Read more ⤵

  • Business Insurance
  • Personal Insurance
  • Newest Business Articles
  • All Business Topics
  • Recommended Articles
    • Ways to Make Childcare Costs a Little More Affordable
    • Self Funding 101 For Employers
    • Weight Discrimination on the Rise
    • Understanding Consumer-Driven Health Plans

The Daily Blog

Directory Ad for 411sidebar

Register for Weekly Business Insurance Article Updates

  • This field is for validation purposes and should be left unchanged.

Most Popular

  • Ways to Make Childcare Costs a Little More Affordable
  • Title VII Non-discrimination Protections Apply to LBGTQ Individuals
  • Drones in the Workplace
  • Why Stress Is a Work Safety Problem

Attention Insurance Agents

If you are looking for quality insurance content for your own customized newsletter, please visit Smarts Publishing:
https://smartspublishing.com

Business Insurance 411

  • Essential Property and Liability
  • Specialized Policies
  • Workers’ Compensation
  • Employee Benefits

Personal Insurance 411

  • Homeowners Insurance
  • Auto Insurance
  • Life & Health Insurance
  • Personal Insurance Basics

Read More

  • Business 411 Articles
  • Personal 411 Articles
  • Top Stories Business
  • Top Stories Personal

The Daily Blog

  • Newest Business Articles
  • Newest Personal Articles
  • Most Popular Business
  • Most Popular Personal

Copyright ©2019 TheInsurance411.com

  • Home
  • Terms of Use
  • Privacy Policy
  • About Us
  • Contact Us