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. Michal Lörinc, Catastrophe Analyst at Aon’s Impact Forecasting, commented on January saying, “While there was much focus on multiple winter storms and extreme cold via the Polar Vortex in the United States, it allowed an opportunity to remind that weather is local. 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. 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.