U.S. property insurers are bracing for claims for damage from collapsing roofs, bursting pipes and lost business as Texas takes stock of its losses from a winter storm that has crippled its electrical grid.
Insurers’ losses could stretch into billions of dollars, said Moody’s analyst Jasper Cooper.
Insurers in Texas, the second-largest property insurance market among U.S. states, are used to grappling with historic storms, such as Hurricane Harvey in 2017.
But this winter storm is unique because of its grip across the state. It crippled the electric grid and left hundreds of thousands of homes without power for four days.
Author(s): Suzanne Barlyn
Publication Date: 18 February 2021
Publication Site: Reuters