U.S. snowstorm could generate “thousands” of insurance claims: I.I.I.

A snowstorm along the East Coast of the United States in late October “could generate thousands of insurance claims,” according to the U.S. Insurance Information Institute (III).
Bloomberg reported on an email exchange it had with cat modeler Kinetic Analysis Corporation, in which Kinetic estimated both insured and uninsured losses could fall in the range of between $1 billion and $3 billion.
The storm, which dumped up to 32 inches of snow in some areas, left up to 3 million people without power over the weekend of Oct. 29-30. The wet snow affected West Virginia north to Maine, including Connecticut, New York and New Jersey.
Citing a January 2011 analysis of winter storms by Munich Re, the III noted insured annual U.S. winter storm losses in 2010 totaled $2.6 billion, the highest losses from this peril since 2003.
“Standard homeowners and business insurance policies provide coverage for a wide range of snow and ice related disasters such as losses incurred due to burst pipes, wind damage and wind-driven rain, as well as damage caused by downed trees, limbs or other falling objects,” said Michael Barry, vice president of the III. “Car accidents caused by slippery road conditions are also covered under standard auto insurance policies.”