Report: Oklahoma Tornado Cost Insurers as Much as $3.5 B

Image: Report: Oklahoma Tornado Cost Insurers as Much as $3.5 B

Tuesday, 28 May 2013 04:43 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

A tornado that leveled an Oklahoma City suburb last week probably cost insurers $2 billion to $3.5 billion in claims, according to catastrophe modeler Risk Management Solutions Inc.

The estimate includes damage to personal, commercial and industrial property as well as potential claims for business interruption, Matthew Nielsen, director of model product management at RMS, said today in a phone interview. Costs from automobile policies were excluded.

Editor's Note: Obama ‘Blunder’ Spawns Massive Profit Opportunity

The storm that swept through Moore, Oklahoma, on May 20 packed winds of more than 200 miles (322 kilometers) an hour and killed at least 24 people. Insurers including Allstate Corp. and State Farm Mutual Automobile Insurance Co. have dispatched staff to the area to help customers file claims. The storm may have caused more damage than the $2.8 billion in losses from the 2011 tornado in Joplin, Missouri, Nielsen said.

“This certainly has a chance of topping that, given the loss range that we’ve provided,” he said. “It’s definitely up there and could even potentially be the largest single tornado loss that we’ve seen.”

Tornadoes that struck in the U.S. from May 18 to May 20 will probably cost insurers $2 billion to $5 billion, led by the Oklahoma storm, modeling firm Eqecat said last week.


© 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

New York Voters Back Gov. Cuomo on Fracking Ban

Monday, 22 Dec 2014 19:29 PM

By a margin of more than two to one, New York voters approve of Gov. Andrew Cuomo’s decision to ban hydraulic fracturing . . .

Fired Officer Not Charged in Fatal Milwaukee Shooting

Monday, 22 Dec 2014 18:34 PM

A white Milwaukee police officer fired after fatally shooting a mentally ill black man in April won't face criminal char . . .

Dem Lawmaker Asks Sony to Arrange 'The Interview' Screening

Monday, 22 Dec 2014 18:13 PM

A Democratic congressman has asked Sony Pictures if lawmakers on Capitol Hill can host a screening of "The Interview." . . .

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