FOR IMMEDIATE RELEASE
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NEW YORK, February 9, 2017 — With severe snow and wind conditions currently hitting New England and the New York City metropolitan area, physical damage to homes, cars and businesses is likely. Fortunately, most insurance policies are designed to cover winter storm-related losses, according to the Insurance Information Institute (I.I.I.).
“Mother Nature is unpredictable, but insurance is not,” said Sean Kevelighan, CEO of the I.I.I. “Insurance is an important element in the recovery process that helps get people back into their homes and their businesses back up and running.”
Winter storms were the second largest cause of insured U.S. catastrophe losses for the period of 2006–2015. Winter storms caused $1 billion in insured losses in 2016, up dramatically from just $38 million in 2012.
From 1996 to 2015 U.S. winter storms resulted in about $30 billion in insured catastrophe losses (in 2015 dollars), or about $1.5 billion a year on average, according to Property Claim Services (PCS).