Analysts at catastrophe risk modeling firm Karen Clark & Company (KCC) have estimated that the insurance industry loss from Winter Storm Elliott in the U.S. will be $5.4 billion across 42 states.
This estimate includes the privately insured damage to residential, commercial, and industrial properties and automobiles.
Elliott brought frigid arctic air southward into the US over the Christmas period, plummeting temperatures to under 20°F below average across most of the Eastern US.
The storm caused significant damage across much of the country, even stretching northward into Canada and south over the Mexican border.
The most impacted states were Texas, Georgia, Tennessee, North Carolina and New York, where a state of emergency was declared after conditions including four feet of snowfall left residents around the city of Buffalo trapped inside homes and cars, with at least 63 deaths reported.