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 April 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:


Losses

  • As of April 30, 2021, there were 478,465 claims reported, and insurers expected to ultimately pay about $9.04B (up from $8.2B reported as of 3/31 data).
  • The insured loss consisted of:
    • $3.5B paid to policyholders,
    • $3.6B in reserves, and
    • $2B in IBNR
  • $2.8B (about 31%) is expected to be covered by reinsurance.
  • The majority of losses are residential:
    • 72.5% residential
    • 25.5% commercial property (NOTE:  commercial property makes up 50.9% of case-incurred losses)

Claims

  • Approximately 20.1% of the claims were open, 44.3% were closed with a payment to the policyholder, and 35.5% were closed without a payment to the policyholder
  • Average case-incurred claim:
    • $13,100 for residential property policies
    • $98,500 for commercial property policies 
    • $4,100 for automobile policies 
    • $25,700 for all other 
  • Majority of reported claims were residential:
    • 86.2% of the claims were on residential property policies (412,578 total)
    • 9.3% were on commercial property policies
    • 3.6% were on personal auto physical damage policies

 

 

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