UBS: Winter storm to cause billions of dollars in insurance losses.

Analysts at UBS Group said in a report that a recent major winter storm hitting the United States is expected to result in billions of dollars in insurance losses. The blizzard intensified starting from Friday, with heavy snow blocking roads, leading to widespread flight cancellations and power outages. The storm weakened on Monday, but the lingering cold is expected to continue. The UBS analysts wrote earlier this week, "For insurance companies, commercial property and package insurance, homeowners insurance, and auto insurance could result in significant insurance losses." The agency stated that the winter storm in 2021 is the closest comparable event, causing catastrophic losses of $15-20 billion to the insurance industry.