Property insurers face an estimated $18 billion bill for damage to homes and businesses from thein Texas and numerous other states, the equivalent of a major hurricane, according to a leading risk-modeling firm.
Over half of the payments will be headed to Texas, and businesses—rather than homeowners—will receive the majority of the payouts, according to Boston-based Karen Clark & Co., which runs catastrophe-modeling software widely used in the U.S. insurance industry., which have burst inside schools, museums, churches, commercial spaces as well as homes, leading to extensive water damage, Ms. Clark said in an interview Friday.
The damage is spread over about 20 states. Besides Texas, hard-hit states include Arkansas, Missouri, Oklahoma and Tennessee, Ms. Clark said. “This event has snow and ice, but it is predominantly a freezing event and most of the claims are going to be related to water damage,” she said. Her firm’s estimate incorporates collapses of commercial roofs, “and a sprinkling of lots of different types of claims, but they will be dominated by water claims.”
Is that counting the crops? I cant read the article.
Climate change ... won't be the last damages
Good thing those companies profit in the 100s of billions or that might hurt
Will be interesting to see how much the companies in Texas will spend to settle with all those that have been affected. Let's hope PG&E settlement will guide the Texans to get what they need, and more.
HiblerDana DemopJ
I will never forget you in my life, you changed my life financially, may God grant you all your heart desires markdonaldAmeli
I'm sure they'll fight to the death against paying out those claims! What an awesome business model
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