More than 100 insurance companies are suing the Texas power grid operator and several power-generating companies (PGCs) over losses suffered from 2021 Winter Storm Uri, which resulted in more than 500,000 insurance claims and approximately $10.3 billion in insured Texas losses.
131 carriers are named as plaintiffs in the lawsuit, filed on Dec. 28, 2021 in Travis County District Court. The insurers allege gross negligence against Electric Reliability Council of Texas (ERCOT) and 37 PGCs for failing to prepare the state’s power grid for an extreme cold weather event despite prior warning of the risks such a storm could bring.
