Damage from a winter storm that hit a broad section of the U.S. on Feb. 1 could cost insurers Travelers Cos. Inc., Hartford Financial Services Group and others between $790 million to $1.4 billion, The Street.Com reports, citing catastrophe modeling firm AIR Worldwide.
Insurers that were hit the hardest were likely those with a large exposure to home insurance policies, said Sandler O’Neill analyst Paul Newsome.
“In terms of damage, insurers such as Allstate and State Farm have the most exposure to home insurance versus other companies,” he said. “Other companies with home exposure include Travelers and to a certain extent Chubb and Hartford.”
The storm, which traveled across almost the entire U.S., hit hardest in Illinois, Indiana, Missouri and Oklahoma, where emergencies were declared.
