$1B to $5B in insured losses in tornado outbreak

Source businessinsurance.com

By Mike Tsikoudakis

Estimated insured losses resulting from the devastating storms in Oklahoma are at least $1 billion, said Insurance Information Institute President Robert Hartwig.

Separately, Eqecat Inc. estimated insured losses at $2 billion to $5 billion in storms over three days in 10 states.

Mr. Hartwig took a 90-minute tour Thursday with Oklahoma Insurance Commissioner John Doak through devastated areas of Moore, Okla., which was ravaged by a massive EF5 tornado with estimated winds reaching more than 200 mph.

Property worth more than $6 billion was within the track of the massive tornado, Air Worldwide Corp. said Wednesday.

“I don’t think it will be a $6 billion loss,” Mr. Hartwig said Thursday. “I think we’re looking at something in the $1billion-plus range. It could be $2 billion; we don’t know. I think a wild card here is how much the commercial losses are and, then, ultimately what business interruption losses are.”

Read full article at  businessinsurance.com

 

 

Fairmount Benefits Company

Two Radnor Corporate Center
Suite 110
Radnor, PA 19087
610-567-0175
800-527-3615

    Email Us