The insured losses include roof collapses, downed tree limbs and power lines, burst pipes from freezing and auto accidents.
Despite the brutal winter, I.I.I. said losses are still within the magnitude planned for by insurers, with the insurance industry kicking off the year on firm financial footing.
Last year, winter storms caused approximately $2 billion in insured losses, up sharply from $38 million in 2012, according to reports from Munich Re. From 1993 to 2012, winter storms produced nearly $28 billion in insured losses (in adjusted 2012 dollars), or an annual average of $1.4 billion.
(Read more: Weather taunts traders betting on regaining highs)
Over the last few weeks, economists have blamed the harsh weather for the recent round of tepid economic reports. A CNBC Fed Survey of 19 Wall Street economists, strategists and fund managers puts the total weather impact at about a third of a percentage point of the $16 trillion U.S. economy—or, roughly $50 billion.
—By CNBC's JeeYeon Park. Follow her on Twitter