Insurers could suffer record first-quarter catastrophe losses after the historic Texas winter storm, which crippled the state’s electrical grid and caused extensive property damage including collapsed roofs and broken pipes, insurer credit rating agency A.M. Best said on Friday.
The storm occurred during a quarter that is typically the most benign for catastrophe losses, and could become the costliest winter weather event in Texas history, A.M. Best said in a report.
The Texas Department of Insurance plans to collect data from property insurers to assess costs stemming from the crippled electrical grid, roofing collapses, broken pipes and other problems, a spokesman said.
Author(s): Suzanne Barlyn
Publication Date: 19 February 2021
Publication Site: Reuters