January's winter storms and freezing weather have cost the US economy billions of dollars, according to insurance and reinsurance broker Aon. The storm system that hit Texas on Friday was a "once-in-a-generation" event, said Michael DePinto, president of AAA. The weather is also likely to have caused losses to insurers, said Aon. But it added that the impact on reinsurance contracts is likely to be minimal.
January's winter storms and freezing weather have cost the US economy billions of dollars, according to insurance and reinsurance broker Aon. Dozens of people died last month as wind chill temperatures fell as low as -54C in the mid-west. The weather is also likely to have caused losses to insurers, said Aon. But it added that the impact on reinsurance contracts is likely to be minimal.