Big Losses Expected from Winter Storm Uri

Winter Storm Uri insured losses in Texas are expected in to be in the $10B-$20B range, “somewhat comparable to those from Hurricane Harvey", according to S&P Global Ratings in a reference to the Category 4 hurricane that made landfall in Texas and Louisiana in August 2017. 

Uri left millions in Texas without power for days. Extremely low temperatures froze pipes, causing them to burst. Many locations experienced their longest-ever, continuously recorded freeze, according to AIR, “with Waco as an example of one Texas city staying below freezing for 203 consecutive hours - 53 more than the previous record.” AM Best said it expects the heaviest volumes of claims stemming from Uri to come from “the homeowners, commercial property, and auto lines of business.”

The agency also warned a “significant” loss contributor will be the “surge in demand for contractors and construction materials.”

Nathan Wolfe on Unsplash

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