Winter Storm Elliott: Unveiling the enormous impact on property claims and materials pricing
Winter Storm “Elliott,” hit the Eastern United States from December 21 to December 25, 2022, causing blizzard conditions, high winds, snowfall, and record low temperatures. The storm caused billions of dollars in damage, dozens of deaths, and left millions of households without power. The Verisk claims network reported over 121,000 assignments totaling over $1 billion resulting from Elliott, and the insurance industry saw a significant increase in property claims in January 2023.
This report goes into depth about Winter Storm Elliott’s attributes and its effect on property claims and materials pricing. It also highlights the need for effective tools and strategies to manage the surge in claims following weather events like this. With these advanced data tools, insurers can better understand the impact of weather events on their business and develop more effective strategies for managing claims and mitigating risk.