A cluster of 76 tornadoes between May 18 and May 20 will produce $2 billion to $5 billion in insured losses, according to the first estimate from catastrophe modeler EQECAT.
The biggest, deadliest, and most costly of these was the May 20 EF-5 storm that hit Moore, Okla., a suburb of Oklahoma City. At least 24 people were killed in that event.
Reuters reports that Oklahoma insurance commissioner John Doak expects about $3 billion in insured losses. RMS and AIR Worldwide are expected to issue estimates in the coming days.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio