In February 2021, a massive winter storm slammed Texas and the surrounding states with snow, ice and the lowest temperatures in decades, leaving millions across the state stranded without power and running water. Businesses endured a stunning range of resulting impacts, including property damage, business interruption losses and even D&O issues.
In regards to insurance concerns related to the storm, Bracewell’s Vince Morgan told Risk Management reporter Adam Jacobson, “If we learned anything from this event, it’s that a robust, well-designed risk management program is crucial to preparing and recovering from these events. Insureds also need to reexamine their coverage program to make sure it still meets the needs they can anticipate.”
Overall, insurance industry experts anticipate that damage from the storm may prove more costly than Hurricane Harvey, which devastated Texas and Louisiana in 2017. For all the destruction Harvey caused, the hurricane’s impact was largely limited to coastal areas, while February’s storm covered 80 percent of Texas, according to the Weather Channel.