Snow & Ice Storm May Be Most Expensive in Texas History
Insurance industry officials say the deep freeze and snowstorm in Texas may become the costliest weather event in the state’s history, as all of the state’s 254 counties have been impacted.
According to Camille Garcia, communications director with the Insurance Council of Texas, this storm will likely be costlier than Hurricane Harvey in 2017, which amounted to $19 billion in insurance claims or about $20.1 billion adjusted for inflation.
Catastrophe risk modeling firm AIR Worldwide reports more than 2,000 cold temperature records were set as several atmospheric phenomena combined to “wreak havoc” across the U.S. As of February 16, more than 100 million Americans have been affected, AIR reports, and a new record has been set for the largest area of the United States ever blanketed in snow at 73 percent.
President Joe Biden on Saturday Feb. 20 approved a major disaster declaration for Texas, the Federal Emergency Management Agency (FEMA) said.