Tags: ALLTOP | BDA | BNALL | BNSTAFF | BNTEAMS | BON | BUSINESS

Tornadoes' Cost: $7 Billion in One May Week

Monday, 06 Jun 2011 01:00 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Insurers may face U.S. storm claims of as much as $7 billion from a single week last month, led by costs from the tornado that struck Joplin, Missouri, modeling firm AIR Worldwide said.

Insured losses to homes, businesses and cars in the week ended May 27 will probably be $4 billion to $7 billion, the Boston-based firm said in an e-mailed statement today. More than 500 people have been killed from tornadoes this year, including at least 130 in Joplin.

State Farm Mutual Automobile Insurance Co. and Allstate Corp., the largest U.S. home and auto insurers, are among companies coping with costs from natural disasters this quarter. The National Oceanic and Atmospheric Administration reported that 1,429 tornadoes had been reported in the U.S. through June 2, compared with 1,282 in all of 2010.

“More than 150 confirmed tornadoes raged across the heart of the country” from May 20 to May 27, said Tim Doggett, principal scientist at AIR Worldwide, in a statement. “Thousands of buildings were damaged, hundreds more were completely destroyed, and more than a thousand people were injured.”

State Farm paid $916 million in claims from storms this quarter, the policyholder-owned insurer said May 27. Catastrophes, including tornadoes in Alabama, cost Allstate $1.4 billion in April, the Northbrook, Illinois-based company said before the Joplin storms. U.S. storms in the week ended April 28 cost $3.7 billion to $5.5 billion, AIR said last month.


© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obama Executive Order Gives Pay Raise to Federal Workers

Friday, 19 Dec 2014 22:36 PM

Federal workers and uniformed military service members are getting a 1 percent pay boost. . . .

Mental Illness History Ruled on Appeal to Not Bar Gun Ownership

Friday, 19 Dec 2014 22:14 PM

A federal appeals court concluded that a history of mental illness shouldn't bar citizens from owning a weapon in a firs . . .

China Arrests US Aid Worker on North Korean Border

Friday, 19 Dec 2014 21:56 PM

China has arrested an American Christian aid worker based near its border with North Korea, his lawyer said Saturday, as . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved