$325 Million Tornadoes Insurance Loss Seen
|NU Online News Service, May 8, 1:27 p.m.EDT?Tornadoes that raked the Midwest earlier in the weekcould cost insurers at least $325 million?making it one of the topfive costliest tornado events, according to the InsuranceInformation Institute in New York
|The twisters tore across Arkansas, Kansas, Missouri, Nebraska,South Dakota, and Tennessee. I.I.I. said its preliminary estimateis based on survey of insurers.
|According to the I.I.I., costs could rise as follow-on stormsystems travel eastward. Meanwhile, insurance company disasterpersonnel and cat teams are at the sites of the events and continueto assess the damage.
|Damage from the tornadoes, some with winds as high as 200 mph,included homes as well as businesses and motor vehicles. I.I.I.said standard business, homeowners and auto policies will coverwind damage from the tornadoes
|The largest tornado-related loss in U.S. history was in May,1999, when tornadoes and storms struck 18 states including Kansasand Oklahoma. In 2002 dollars it cost insurers $1.6 billion, I.I.I.said.
Prior to 1999, the largest tornado-related loss was in 1974,when a 17-state, multiple tornado, event including Xenia, Ohio,caused insured losses of more than $1.5 billion in 2002dollars. | |||
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