Texas Winter Storm Will Yield largest Claims Event In History
Texas Winter Storm Will Cause $18 Billion In Estimated Damages
With billions of dollars in damage expected from the historic Texas winter storm, a state regulator plans to collect data from property insurers to assess costs stemming from a crippled electrical grid, roofing collapses, broken pipes, and other problems, a spokesman said on Friday, February 19th.
Texas insurers expect “…hundreds of thousands of claims…” said Camille Garcia, Insurance Council of Texas spokeswoman on Thursday.
Bitter cold weather and snow have paralyzed Texas since Sunday, February 14th, shutting down much of the state’s electricity grid and freezing pipes and waterways, leaving communities across the state either without water altogether or forced to boil it for safety.
“We expect this to be a large event, but we just don’t know how large it will be,” said Texas Department of Insurance spokesman Ben Gonzalez, noting that the data inquiry mirrors the regulator’s process after other major storms, such as hurricanes.
The process, set to begin in the coming weeks, comes as one firm that models catastrophe risk estimated at an $18 billion tab for property insurers.
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See the full article by CNBC news here.
