26 January 2016 Insurance

Winterstorm Jonas could cause ‘significant’ losses in US: RMS

Winterstorm Jonas, which hit the Mid-Atlantic and Northeast regions of the US last weekend (23-24 January), could rank as one of the most significant in history, said Risk Management Solutions (RMS).

Jeff Waters, a meteorologist for the catastrophe risk modelling firm, said that it is still too early to estimate damage totals, but that losses could be considerable.

Winterstorm Jonas brought a combination of freezing rain, coastal flooding, and blizzard conditions to the region.

Waters said that economic and insured loss will likely be driven by a combination of factors, including roof collapse from high snow loads, coastal flooding, and business interruption claims as a result of travel delays, widespread power outages, and closed businesses.”

The storm also saw snowfall totals ranging from 6-40+ inches (15-101 cm) covering much of the impacted area, including major cities such as Washington DC, Baltimore, Maryland, Philadelphia, Pennsylvania, and New York.

RMS said Jonas is the first winterstorm on record to bring more than 18 inches of snow to Washington DC, Baltimore, Philadelphia, and New York City.

An estimated 85 million people were affected by Jonas which at its peak resulted in 300,000 power outages, cancellation of almost 12,000 flights (mostly from Washington DC and New York City), widespread rail and road disruption, and at least 29 fatalities, according to RMS.

The firm also compared it with Blizzard of 1996, which caused approximately $1.5 billion in economic losses, and $740 million insured losses (1996 dollars).

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