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Winter storm insured losses could exceed $2.5B in 2014: III

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Winter storm insured losses could exceed $2.5B in 2014: III

Insured losses from winter storms could exceed $2.5 billion in 2014 as severe storms gripped much of the nation last week, the Insurance Information Institute Inc. said Monday.

Insured losses from snow, ice, freezing and related causes averaged $1.2 billion annually over the past 20 years according to III President Robert Hartwig.

“This year, insured losses from severe winter events will be at least double that amount, likely exceeding $2.5 billion by year's end, making 2014 the fourth-costliest year on record for winter storm losses,” Mr. Hartwig said in a statement.

In addition to this month's storms, the first quarter of 2014 saw 11 winter storms according to Munich Reinsurance Co., causing 84 fatalities and an estimated $2.4 billion in insured losses, the institute's statement said.

The polar vortex event that took place Jan. 5-8 causing freezing, wind, ice and snow in 17 states caused nearly $1.7 billion in insured losses by itself, according to the Property Claims Service division of Verisk Analytics Inc.

Winter storm claims, including those associated with freezing and ice damage, accounted for 6.4% of all insured catastrophe losses between 1994 and 2013, said Mr. Hartwig, placing such claims third behind hurricanes and tropical storms at 41% and tornadoes at 36% as the costliest natural disasters.

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