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Article: Ice losses to grow: business interruption claims to boost U.S. storm toll.
- Article from:
- Business Insurance
- Article date:
- January 19, 1998
- Author:
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The full extent of insured losses from the ice storm that raked northern New England, New York and parts of Canada over the past two weeks may not be known for some time.
Domestic insured property damage appears likely to be relatively light. The Property Claim Services division of the American Insurance Services Group last week provided an unofficial preliminary estimate of $75 million to $125 million.
Business interruption claims, which the PCS does not track, however, are just beginning to hit insurers.
"You don't know of the extent of the business interruption losses until some weeks after a catastrophe," said Scan Mooney, senior vp and economist ...