HazardHub identifies the most important winter risks and areas of vulnerability
SAN MATEO, Calif.–(Business Wire/AETOSWire)–Guidewire (NYSE:) HazardHub It released winter weather risk statements to help insurers and property owners across the United States better understand and prepare for cold weather threats. last year, Winter storms in the United States resulted in insured losses of approximately $3.4 billion. The previous year, in 2022, losses estimated at $6 billion were recorded due to winter storms, the second highest losses recorded in the past decade.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250121971687/en/
HazardHub map of average annual minimum temperatures for the contiguous United States, published in December 2024. (Chart: Guidewire HazardHub)
HazardHub's risk data and maps detail extreme cold and winter weather risks at the national, state and local levels, down to the specific property address level. HazardHub offers over 1,000 data points and risk scores related to climate risks and extreme weather events.
Freezing temperatures across the United States
According to Guidewire HazardHub data, 31.4 million U.S. residences will see more than 30 days of winter temperatures below 32 degrees Fahrenheit this year. Among these areas, more than 10.3 million housing units will experience more than 50 days of subzero temperatures this winter.
The primary factors that contribute to the coldest areas are latitude, elevation, and geography. States on the northern border, in the Rocky Mountains, or at higher elevations, as well as Alaska, record the coldest temperatures.
Top states with freezing temperatures
According to Guidewire HazardHub data, the top five states with the lowest annual average winter 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. Who: 16.8°F (-8.4°C)
5. Wyoming: 21.2°F (-6.0°C)
6. Montana: 21.2°F (-6.0°C)
Highest winter weather risks
According to a Guidewire HazardHub data analysis, the most dangerous winter weather dangers, Depending on the likelihood of loss, extent of damage, and frequency of claims, they are:
Frozen pipes
Freezing temperatures cause water inside pipes to expand, causing cracks and bursts that lead to significant water damage to floors, drywall and home contents. This risk leads to one of the most common winter insurance claims. Mitigation steps include insulating pipes, maintaining interior heat, allowing faucets to drip during cold periods, and draining water lines on vacant properties.
Top five states for frozen pipe risk
1. Nebraska
2. Vermont
3. North Dakota
4. Minnesota
5. Wisconsin
These states have the highest percentage of homes and structures rated as an “F” according to the HazardHub Frozen Pipe Hazard Score. According to HazardHub data, 21% of homes in the United States face the risk of frozen pipes During the winter. the The average cost of an insurance claim for a frozen pipe is about $18,000. Coverage for damage to floors, drywall, home contents and plumbing systems. According to the Insurance Information Institute. Water damage (all seasons) and freeze incidents account for approximately 24% of all homeowners insurance claims.
Snow load (roof collapse)
The accumulation of snow and ice puts significant pressure on roofs, creating a risk of structural damage or collapse, especially for older buildings or those with flat roofs. States like Alaska, Maine and Vermont face the highest risks due to heavy snowfall. Regularly clearing snow from roofs, maintaining gutters, and pruning overhanging branches can prevent this costly damage.
Top five countries at risk of snow load (risk of roof collapse)
1. Alaska
2. Who?
3. Vermont
4. New Hampshire
5. Minnesota
These states have the highest percentage of homes and structures classified as at risk for snow load according to the HazardHub Snow Load Hazard Score. More than 36% of homes in Maine, 35% of homes in Vermont, and 28% of homes in New Hampshire are classified as at risk of snow accumulation on their roofs, as are 22% of homes in Minnesota. According to HazardHub.
Ice dams
Heat escaping through a poorly insulated roof can melt snow, which refreezes at the edge of the roof, forming ice dams that prevent proper drainage. This causes leaks, roof damage, lifting shingles, and causing water damage inside the home. According to HazardHub data, Approximately 28.4% of U.S. census blocks experience more than 30 days of freezing temperatures each year, increasing the likelihood of ice dams forming. This affects 31.4 million housing units. Ice dam removal can cost between $400 and $4,000, depending on the size of the ice dam and the type of roof. To mitigate the problem, insulate the attic, install heat cables along the roof edges, and remove snow accumulation regularly.
Other major winter weather risks to homes and businesses include: power failure From fallen trees and damaged lines, High winds causing structural damage, Floods From rapid melting snow that overwhelms sewer systems, and House fires Due to unsafe heating practices. Over the past two decades, weather-related events have caused 80% of power outages, and winter storms are responsible for 23% of annual power outages. Wind gusts exceeding 50 mph (80 km/h) can damage roofs and topple trees, causing secondary water damage. Rapid snowmelt can lead to costly flooding, and is often not covered by standard insurance. In addition, the increased use of heaters, fireplaces, and wood-burning stoves during the winter increases the risk of contracting the disease Danger of house fires. According to the United States Fire Administration (USFA), Nearly 100,000 winter residential fires occur in December, January, and February, resulting in approximately $1.9 billion in property losses or damage each year.
Harnessing data for better protection
The hard truth is that extreme winter weather caused $3.4 billion in insurance losses in 2023. Insurers and homeowners must make better use of the data available to them to assess their vulnerabilities and take action to mitigate, said Tammy Nichols-Schwartz, CPCU and chief operating officer. of these risks. Director of Data and Analytics at Guidewire. Schwartz has more than 25 years of experience in the property and casualty insurance industry and is recognized as an expert in climate and natural disaster risks.
HazardHub's detailed winter risk data and maps are available through the HazardHub website Orientation Policy Center and Guide wire Insurance now Solutions, as well as through HazardHub API. Insurers can leverage this data to improve risk assessment and underwriting accuracy, while property owners can better prepare for the winter season.
Consumers interested in assessing the winter risks of their homes can visit freehomerisk.com.
About the guide wire programming (ETR:)
Guidewire is the platform that property and casualty insurance companies trust to engage, innovate, and grow efficiently. More than 570 insurance companies in 42 countries, from start-ups to the world's largest and most complex, rely on Guidewire products. With platforms that leverage data, analytics, digital and artificial intelligence, Guidewire defines cloud platform excellence for property and casualty insurers.
We're proud of our unparalleled implementation track record, with over 1,700 successful projects supported by the industry's largest R&D team and SI's partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on X (formerly Twitter) and LinkedIn.
View source version on Businesswire.com: https://www.businesswire.com/news/home/20250121971687/en/
Melissa Cobb
Public Relations Manager
Guidewire Software Company
+1.650.464.1177
mcobb@guidewire.com
Source: Guidewire
