Northeast’s Economy Took $500M Hit from Recent Blizzard: Aon

By | February 6, 2015

The Northeast U.S., including New York and Massachusetts, sustained at least $500 million in economic losses last month when a winter storm ripped through the region, Aon Plc said.

The blizzard from Jan. 26 to 28 killed at least two people, reinsurance broker Aon Benfield said in a report released Thursday. New York City alone suffered $200 million in losses including business interruptions. A record 36 inches (91 centimeters) of snow was recorded in Massachusetts.

“Strong winds caused power outages, while the storm surge inundated several coastal towns,” Aon said. “Major cities in the region were brought to a virtual standstill as transit systems were closed.” London-based Aon is the world’s second- largest insurance broker by market value.

Weather events also led to millions of dollars of costs in parts of the Middle East and Asia last month. A storm in early January caused more than $100 million in economic losses in countries including Egypt and Syria.

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