Bulletin: Late May Tornadoes Could Hit $5 Billion in Insured Losses

The deadly twister in Moore, Okla., accounts for a majority of the loss potential, according to EQECAT.

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.

The most costly tornado outbreak on record occurred in 2011 in Alabama; about $4 billion. 2011's Joplin, Mo., tornado reached about $2 billion in insurance claims.

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