Insurers to Suffer Record Q1 Losses Due to Texas Storm

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By Suzanne Barlyn2 Min Read­FILE PHOTO: Res­i­dents line up in their vehi­cles to enter a warm­ing cen­ter and shel­ter after record-break­ing win­ter tem­per­a­tures, as local media reports most res­i­dents are with­out elec­tric­i­ty, in Galve­ston, Texas, U.S., Feb­ru­ary 17, 2021. REUTERS/Adrees Latif(Reuters) — Insur­ers could suf­fer record first-quar­ter cat­a­stro­phe loss­es after the his­toric Texas win­ter storm, which crip­pled the state’s elec­tri­cal grid and caused exten­sive prop­er­ty dam­age includ­ing col­lapsed roofs and bro­ken pipes, insur­er cred­it rat­ing agency A.M. Best said on Friday.The storm occurred dur­ing a quar­ter that is typ­i­cal­ly the most benign for cat­a­stro­phe loss­es, and …

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