A record-breaking spat of winter storms that blanketed the Midwest and Eastern U.S. regions with snow for the past two weeks is expected to cost insurers billions.
According to catastrophe risk modeling firm EQECAT, insured losses resulting from two February winter storms in the eastern United States will exceed $2 billion, based on a preliminary assessment of the overall scale of these storms and their snow, ice and wind impacts relative to major prior events in the last two decades.
EQECAT said it expects that the majority of the losses will be focused in the corridor from northern Virginia to the New York metropolitan area. However, this estimate was made on Feb. 14, 2010, so losses should be expected to climb even higher after blizzard conditions continued to affect much of the Midwest, Southern, and Eastern U.S. areas.
EQECAT said the most common sources of monetary losses are a result of roof damage, pipe breakage, and ice dams in eaves that cause water to leak into buildings.
More information will follow as it is updated.