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HazardHub identifies apical wintertime perils and areas of vulnerability
SAN MATEO, Calif.--(BUSINESS WIRE)--Guidewire (NYSE:) HazardHub has released wintertime upwind hazard information to assistance insurers and spot owners crossed the United States amended recognize and hole for cold-weather threats. Last year, winter storms successful the United States resulted successful astir $3.4 cardinal successful insured losses. The twelvemonth prior, successful 2022, astir $6 cardinal successful losses were recorded from wintertime storms, which was the second-highest recorded losses successful the past decade.
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HazardHub representation of mean yearly minimum temperatures for the contiguous United States, published December 2024. (Graphic: Guidewire HazardHub)
HazardHub hazard information and maps item utmost acold and wintertime upwind risks astatine the national, state, and section levels, close down to the circumstantial spot code level. HazardHub offers much than 1,000 information points and hazard scores for clime risks and utmost upwind events.
Freezing Temperatures Across the U.S.
According to Guidewire HazardHub data, 31.4 cardinal lodging units successful the U.S. volition acquisition much than 30 days of wintertime temperatures beneath 32 ºF this year. Of those, much than 10.3 cardinal lodging units volition acquisition much than 50 days of below-freezing temperatures this winter.
The superior factors contributing to the coldest regions are latitude, elevation, and geography. The states connected the bluish border, successful the Rockies, oregon with higher elevations, arsenic good arsenic Alaska, grounds the coldest temperatures.
Top States with Freezing Temperatures
According to Guidewire HazardHub data, the apical 5 states with the lowest mean yearly wintertime temperatures are:
1. Alaska: 2.6 °F (-16.3 °C) Average 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)
Top Winter Weather Perils
According to an investigation of Guidewire HazardHub data, the astir perilous Winter Weather Risks, based connected the imaginable for claims loss, grade of damage, and frequency, are:
Frozen Pipes
Freezing temperatures origin h2o wrong pipes to expand, starring to cracks and bursts that effect successful extended h2o harm to flooring, drywall, and location contents. This peril leads to 1 of the astir predominant wintertime security claims. Mitigation steps see insulating pipes, maintaining indoor heat, allowing faucets to drip during acold snaps, and draining h2o lines successful vacant properties.
Top Five States for Frozen Pipe Risk
1. Nebraska
2. Vermont
3. North Dakota
4. Minnesota
5. Wisconsin
These states person the highest percent of homes and structures rated arsenic an ˜F' people according to the HazardHub Frozen Pipe Risk score. According to HazardHub data, 21% of homes successful the US look the hazard of frozen pipes during the wintertime season. The average outgo of a frozen tube security assertion is astir $18,000, covering damages to flooring, drywall, location contents, and plumbing systems. According to the Insurance Information Institute, water harm (across each seasons) and freezing incidents relationship for astir 24% of each homeowners security claims.
Snow Load (Roof Collapse)
Accumulated snowfall and crystal spot important accent connected roofs, risking structural harm oregon collapse, peculiarly for older buildings oregon those with level roofs. States similar Alaska, Maine, and Vermont acquisition the highest hazard owed to dense snowfall. Regularly clearing snowfall from roofs, maintaining gutters, and trimming overhanging branches tin forestall this costly damage.
Top Five States for Snow Load Risk (Danger of Roof Collapse)
1. Alaska
2. Maine
3. Vermont
4. New Hampshire
5. Minnesota
These states person the highest percent of homes and structures rated arsenic astatine hazard for snowfall load according to the HazardHub Snow Load Risk Score. More than 36% of homes successful Maine, 35% of homes successful Vermont, and 28% of homes successful New Hampshire are rated arsenic astatine hazard for snowfall load connected their roofs, arsenic are 22% of homes successful Minnesota, according to HazardHub.
Ice Dams
Heat escaping done a poorly insulated extortion tin melt snow, which refreezes astatine the roof's edge, forming crystal dams that artifact due drainage. This leads to leaks and extortion damage, lifting shingles, and causing h2o harm wrong the home. According to HazardHub data, approximately 28.4% of U.S. census blocks acquisition much than 30 days of freezing temperatures each year, expanding the likelihood of crystal dam formation. This affects 31.4 cardinal lodging units. Ice dam removal tin outgo betwixt $400 and $4,000, depending connected the size of the crystal dam and extortion type. To mitigate, insulate attics, instal vigor cables on extortion edges, and wide snowfall buildup regularly.
Other large wintertime upwind risks to homes and businesses see power outages from fallen trees and damaged lines, high winds that origin structural damage, flooding from accelerated snowmelt overwhelming drainage systems, and house fires due to unsafe heating practices. Over the past 2 decades, weather-related events person caused 80% of large powerfulness outages, with wintertime storms liable for 23% of yearly powerfulness outages. Wind gusts exceeding 50 mph (80 km/h) tin harm roofs and topple trees, starring to secondary h2o damage. Rapid snowmelt tin effect successful costly flooding, often not covered by modular insurance. Additionally, accrued usage of abstraction heaters, fireplaces, and wood stoves during wintertime raises the risk of location fires. According to the U.S. Fire Administration (USFA), astir 100,000 wintertime residential gathering fires hap successful December, January, and February, resulting successful astir $1.9 cardinal successful spot harm oregon nonaccomplishment each year.
Harnessing Data for Better Protection
The cold, hard information is that utmost wintertime upwind caused $3.4 cardinal successful insured losses successful 2023. Insurers and homeowners indispensable amended leverage the information disposable to them to measure their vulnerabilities and instrumentality enactment to mitigate these risks, said Tammy Nichols Schwartz, CPCU and Senior Director of Data and Analytics astatine Guidewire. Schwartz has much than 25 years of acquisition successful the spot and casualty security manufacture and is recognized arsenic a clime and earthy catastrophe hazard expert.
HazardHub's elaborate wintertime hazard information and maps are disposable done Guidewire PolicyCenter and Guidewire InsuranceNow solutions, arsenic good arsenic via the HazardHub API. Insurers tin utilize this information to amended hazard appraisal and underwriting accuracy, portion spot owners tin amended hole for the wintertime season.
Consumers funny successful assessing their home's wintertime hazard tin sojourn freehomerisk.com.
About Guidewire Software (ETR:)
Guidewire is the level P&C insurers spot to engage, innovate, and turn efficiently. More than 570 insurers successful 42 countries, from caller ventures to the largest and astir analyzable successful the world, trust connected Guidewire products. With halfway systems leveraging information and analytics, digital, and artificial intelligence, Guidewire defines unreality level excellence for P&C insurers.
We are arrogant of our unparalleled implementation record, with 1,700+ palmy projects supported by the industry's largest R&D squad and SI spouse ecosystem. Our marketplace represents the largest solution spouse assemblage successful P&C, wherever customers tin entree hundreds of applications to accelerate integration, localization, and innovation.
For much information, delight sojourn www.guidewire.com and travel america connected X (formerly known arsenic Twitter) and LinkedIn.
View root mentation connected businesswire.com: https://www.businesswire.com/news/home/20250121971687/en/
Melissa Cobb
Director, Public Relations
Guidewire Software, Inc.
+1.650.464.1177
mcobb@guidewire.com
Source: Guidewire Software
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