Filed Under:Agent Broker, Agency Management

Late Feb. Tornado Losses Pegged at $1-$2B

The first estimate for the insured losses from the deadly tornadoes that ravaged the Midwest at the end of Feb. says the storms could generate as much as $2 billion in claims. 

Catastrophe modeler EQECAT says the severe weather that formed two volatile weather systems during the period from Feb. 28 to March 3 produced an estimated $1-$2 billion in insured losses. The weather events included tornadoes, hail, and strong winds over an area that covered 12 states, from the Deep South to as far north as Ohio and Illinois, according to National Weather Service (NWS) maps. Most of the more than 150 tornadoes, a preliminary count, occurred in the states of Tennessee, Kentucky, Indiana, Illinois, and Alabama, reports EQECAT.

See related article: 2012 Tornado Destruction in Pictures

The modeler adds that the storm systems essentially caused a month’s worth of tornadoes in just a few days, and that “tornado activity for the year is well above average with 272 tornadoes versus the seven-year (2005-2011) average of 123 (through March 4).

EQECAT says an EF-4 tornado, with wind gusts of between 166 and 200 miles per hour, destroyed 200 homes and businesses in Harrisburg, Ill.

According to NWS, there have been 49 deaths from the tornado outbreaks so far this year. Historically, January through March is a quiet period in terms of tornado outbreaks, while the most active months are April through July. Last year proved a particularly active April with 758 tornadoes.

 

 

Top Story

The 5 rules for winning over millennial customers

You know you'll have to master selling to millennials sooner or later. Here are the keys to this growing market.

CE & Training

One Low Price for Complete Access to All Courses

Choose from National Underwriter's complete library of courses available in your state to get the credits you need quickly and affordably. Take advantage of the Open Pass Package for only $49. Click here to start your training today!

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.