Only two recent periods meteorologically would be comparable cold weather-related loss events, Dec. You can easily see the current deep freeze will clearly be in a league of its own in terms of true winter weather lossesīMS has taken steps to truly understand trends in winter weather events that only look at flooding, freezing temperatures, ice, snow and wind as possible causes of loss, as shown above. BMS RE view of Winter Storm seasonal losses that exclude events with severe weather.
Although many in the insurance industry reference the inflation-adjusted loss of over $3 billion for the 1993 superstorm, social economics mean the loss was much larger.
The largest event loss (35%) impacts occurred across the state of Florida from numerous tornadoes. However, over 40% of the loss came from severe weather that occurred in Southern states from a very strong cold front. It is classified as a winter storm due to its large impacts on the Northeast states with winter weather as the storm developed into a powerful nor’easter. The best example I like to use is the superstorm of 1993, which lasted from March 11 to 14 and which is often used as a benchmark winter storm loss event for the insurance industry. You might have seen several different sources of winter storm loss trends shared across different insurance publications, but one needs to use caution in truly understanding winter storm losses. We know the Deep South can get severe cold, but the prolonged nature of the cold this late into the winter season is a tail event meteorologically. The other impressive nature of this Arctic outbreak is the duration, which when combined with the time of year makes it that much more important an event. The main point the insurance industry needs to understand with this extreme cold is that it occurred in the middle of February, which makes it climatologically that much more impressive, because the cold was topping records and stats that usually occur in late December or early January. The list of records and stats is very impressive and too long to list here, so I’ll just reference a good tweet thread by Alex Lamers, who is a meteorologist at NOAA weather prediction center. There is no denying that the recent Arctic outbreak was severe and historic meteorologically. I guess you could say growing up in Minnesota and spending most of my life in a climate that is exposed to winter weather almost half of the year has made me an expert in how winter weather can affect the insurance industry.
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