HazardHub identifies prime winter perils and areas of vulnerability
SAN MATEO, Calif.–(BUSINESS WIRE)–Guidewire (NYSE:) HazardHub has launched winter climate threat knowledge to assist insurers and property homeowners throughout america higher perceive and put together for cold-weather threats. Final yr, winter storms in america resulted in roughly $3.4 billion in insured losses. The yr prior, in 2022, almost $6 billion in losses had been recorded from winter storms, which was the second-highest recorded losses previously decade.
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HazardHub map of common annual minimal temperatures for the contiguous United States, printed December 2024. (Graphic: Guidewire HazardHub)
HazardHub threat knowledge and maps element excessive chilly and winter climate dangers on the nationwide, state, and native ranges, proper all the way down to the precise property tackle degree. HazardHub affords greater than 1,000 knowledge factors and threat scores for local weather dangers and excessive climate occasions.
Freezing Temperatures Throughout the U.S.
In response to Guidewire HazardHub knowledge, 31.4 million housing items within the U.S. will expertise greater than 30 days of winter temperatures beneath 32 ºF this yr. Of these, greater than 10.3 million housing items will expertise greater than 50 days of below-freezing temperatures this winter.
The first elements contributing to the coldest areas are latitude, elevation, and geography. The states on the northern border, within the Rockies, or with increased elevations, in addition to Alaska, report the coldest temperatures.
High States with Freezing Temperatures
In response to Guidewire HazardHub knowledge, the highest 5 states with the bottom common annual winter temperatures are:
1. Alaska: 2.6 °F (-16.3 °C) Common Winter Temperature
2. North Dakota: 12.2 °F (-11.0 °C)
3. Minnesota: 12.4 °F (-10.9 °C)
4. Maine: 16.8 °F (-8.4 °C)
5. Wyoming: 21.2 °F (-6.0 °C)
6. Montana: 21.2 °F (-6.0 °C)
High Winter Climate Perils
In response to an evaluation of Guidewire HazardHub knowledge, essentially the most perilous Winter Climate Dangers, based mostly on the potential for claims loss, extent of harm, and frequency, are:
Frozen Pipes
Freezing temperatures trigger water inside pipes to broaden, resulting in cracks and bursts that lead to in depth water harm to flooring, drywall, and residential contents. This peril results in one of the frequent winter insurance coverage claims. Mitigation steps embrace insulating pipes, sustaining indoor warmth, permitting taps to drip throughout chilly snaps, and draining water strains in vacant properties.
High 5 States for Frozen Pipe Danger
1. Nebraska
2. Vermont
3. North Dakota
4. Minnesota
5. Wisconsin
These states have the best proportion of properties and constructions rated as an ˜F’ grade in line with the HazardHub Frozen Pipe Danger rating. In response to HazardHub knowledge, 21% of properties within the US face the danger of frozen pipes throughout the winter season. The common value of a frozen pipe insurance coverage declare is roughly $18,000, masking damages to flooring, drywall, dwelling contents, and plumbing programs. In response to the Insurance coverage Data Institute, water harm (throughout all seasons) and freezing incidents account for almost 24% of all owners insurance coverage claims.
Snow Load (Roof Collapse)
Amassed snow and ice place vital stress on roofs, risking structural harm or collapse, significantly for older buildings or these with flat roofs. States like Alaska, Maine, and Vermont expertise the best threat resulting from heavy snowfall. Frequently clearing snow from roofs, sustaining gutters, and trimming overhanging branches can stop this expensive harm.
High 5 States for Snow Load Danger (Hazard of Roof Collapse)
1. Alaska
2. Maine
3. Vermont
4. New Hampshire
5. Minnesota
These states have the best proportion of properties and constructions rated as in danger for snow load in line with the HazardHub Snow Load Danger Rating. Greater than 36% of properties in Maine, 35% of properties in Vermont, and 28% of properties in New Hampshire are rated as in danger for snow load on their roofs, as are 22% of properties in Minnesota, in line with HazardHub.
Ice Dams
Warmth escaping by a poorly insulated roof can soften snow, which refreezes on the roof’s edge, forming ice dams that block correct drainage. This results in leaks and roof harm, lifting shingles, and inflicting water harm inside the house. In response to HazardHub knowledge, roughly 28.4% of U.S. census blocks expertise greater than 30 days of freezing temperatures annually, growing the probability of ice dam formation. This impacts 31.4 million housing items. Ice dam elimination can value between $400 and $4,000, relying on the scale of the ice dam and roof kind. To mitigate, insulate attics, set up warmth cables alongside roof edges, and clear snow buildup commonly.
Different main winter climate dangers to properties and companies embrace energy outages from fallen bushes and broken strains, excessive winds that trigger structural harm, flooding from speedy snowmelt overwhelming drainage programs, and home fires resulting from unsafe heating practices. Over the previous twenty years, weather-related occasions have triggered 80% of main energy outages, with winter storms answerable for 23% of annual energy outages. Wind gusts exceeding 50 mph (80 km/h) can harm roofs and topple bushes, resulting in secondary water harm. Fast snowmelt may end up in expensive flooding, usually not lined by customary insurance coverage. Moreover, elevated use of area heaters, fireplaces, and wooden stoves throughout winter raises the threat of home fires. In response to the U.S. Hearth Administration (USFA), roughly 100,000 winter residential constructing fires happen in December, January, and February, leading to roughly $1.9 billion in property harm or loss annually.
Harnessing Knowledge for Higher Safety
The chilly, arduous truth is that excessive winter climate triggered $3.4 billion in insured losses in 2023. Insurers and owners should higher leverage the information out there to them to evaluate their vulnerabilities and take motion to mitigate these dangers, stated Tammy Nichols Schwartz, CPCU and Senior Director of Knowledge and Analytics at Guidewire. Schwartz has greater than 25 years of expertise within the property and casualty insurance coverage business and is acknowledged as a local weather and pure disaster threat skilled.
HazardHub’s detailed winter threat knowledge and maps can be found by Guidewire PolicyCenter and Guidewire InsuranceNow options, in addition to through the HazardHub API. Insurers can make the most of this knowledge to enhance threat evaluation and underwriting accuracy, whereas property homeowners can higher put together for the winter season.
Shoppers fascinated with assessing their dwelling’s winter threat can go to freehomerisk.com.
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Melissa Cobb
Director, Public Relations
Guidewire Software program, Inc.
+1.650.464.1177
mcobb@guidewire.com
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