Cold winter caused $2.3 billion in damagesReprints
The winter of 2014-2015 caused an estimated $2.3 billion in insured damages in the United States, according to a preliminary analysis released by Munich Reinsurance Co. on Wednesday, slightly lower than insured losses of $2.5 billion during the winter of 2013-2014.
The 2014-2015 aggregated winter storm loss data is based on preliminary information from the Munich Re NatCatService and Insurance Services Office Inc.'s Property Claim Services unit, reflecting the 11 major winter storms identified by PCS, according to Munich Re.
“The majority of winter storm claims are due to frozen pipes bursting, resulting in water damage to buildings and personal property,” said Mark Bove, senior GEO research specialist at Munich Re America, in a statement.
Collapsed roofs, downed trees and power lines, and automobile accidents also caused significant damage, he said.