TDI Releases Results from Winter Storm Catastrophe Data Call
TDI has released updated results from the winter storm data call. These results are as of June 30, 2021. The data includes insured losses resulting from damages caused by freezing (including related water damage), ice, snow, wind, or power outage. The claims and losses for automobile insurance only include losses under comprehensive coverage. It does not include liability or collision claims that resulted from accidents caused by icy road conditions.
Some highlights from the report:
- As of June 30, 2021, there were 496,190 claims reported and insurers expected to ultimately pay about $10B (up from $9.04B reported as of 4/30). Reinsurance will cover $3.1B.
- Other loss information:
- $5.3B paid
- $3.4B residential
- $1.78B commercial
- $49M personal auto
- $48M all other lines
- $5M commercial auto
- $3.4B in reserves, and
- $1.4B in IBNR
- $5.3B paid
- Average case-incurred loss:
- $15,300 for residential property policies;
- $120,200 for commercial property policies;
- $4,400 for automobile policies; and
- $45,200 for all other.
- Approximately 12% of the claims were open, 51% were closed with a payment to the policyholder, and 37% were closed without payment.
- Majority of reported claims were residential:
- 85.4% of the claims were on residential property policies (423,906 total);
- Most residential claims are on policies which had replacement cost coverage
- 9.8% were on commercial property policies (48,764);
- However, commercial property makes up almost 34% of paid losses and 52% of case-incurred losses
- 3.7% were on personal auto physical damage policies (18,350); and
- 0.9% were commercial auto (4,332)
TDI also included Appendix D and E which includes detailed information by county and zip code.