2016 Blizzard Will Be Costly For Insurers

Last weekend’s winter storm, which severely crippled parts of the East Coast from Florida all the way to Massachusetts, will likely cost insurers billions of dollars in losses, experts say. The complex winter event produced record snowfall levels, induced storm surges along coastal areas, caused hailstorms in some parts, developed tornadoes in others, and took the lives of at least 48 people. Weather Channel weather and business expert Paul Walsh projected Jan. 18 that the storm would cause an economic loss worth a billion dollars, with insured losses over $500 million.