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US P&C insurers are expected to see insured losses in the billions of dollars from Winter Storm Uri’s assault on Texas and southern US on February 15, Moody’s Investors Service Inc has stated in a report Thursday
Claims are expected from commercial properties and the automotive sectors for losses resulting from flooding and other water damage caused by frozen and broken pipes Although insurance policies of the Homeowners and commercial property generally do not cover losses due to natural floods, they cover flooding caused by broken pipes inside insured buildings, Moody’s said
Commercial property insurers are likely to experience property damage claims and could experience loss of service disruption as large parts of Texas go without power and water
Service interruption coverage, which is optional in many commercial property policies, typically has a specific interruption period such as 24 or 48 hours before coverage is triggered, Moody said.
Based on the latest winter storms, we predict insured losses will amount to billions of dollars, â € “ Moody said The last winter storm event to exceed $ 1 billion was winter storm Quinn, which hit northeastern US in March 2018
According to Munich Re, total insured losses from US winter storms averaged over $ 2 billion between 2010 and 2019, Moody said
Winter Storm Uri
Ebene News – CA – Winter Storm Uri is expected to generate losses in the order of billions – Business Insurance