The catastrophe and risk solutions group at Verisk reported on Tuesday that the storm’s reach was exceptionally broad. Early data suggests that at least 14 states will each face insured losses exceeding $50 million. While snow and wind contributed to the destruction, Verisk identifies freeze-related impacts—such as burst pipes and infrastructure failure—as the dominant factor behind the multi-billion-dollar price tag.

Historical Context of the Losses

If these projections are realized, Fern will rank as the third costliest winter storm on record for the U.S. insurance industry. It follows only the devastating winter storm Uri in 2021 and winter storm Elliott in 2022, highlighting a trend of increasingly expensive extreme weather events during the winter months.

The geographical footprint of the storm highlights the vulnerability of both southern and northern infrastructure. According to the report, the following factors contributed to the total:

• Widespread freeze damage in states like Texas.
• Heavy snow and wind accumulation across the Northeast, including Massachusetts.
• Significant losses in residential and commercial property lines.

Verisk's initial analysis indicates that the sheer scale of the freeze will likely drive the final figures, as property owners across the central and eastern U.S. assess damage to plumbing and HVAC systems.