Filed Under:Agent Broker, Personal Insurance Business

Insured Losses in Oklahoma from May Tornadoes Reaching $250M

Insured losses are nearing $250 million from tornado-related claims in Oklahoma since May 19.

Insurance Commissioner John D. Doak says the number of claims filed now stands at 32,433—nearly 17,492 auto claims and 13,938 homeowners claims.

The total count also includes 724 commercial property claims, he adds.

About a week ago, Doak reported insured losses were $85 million.

According to Oklahoma Emergency Management, almost 4,000 structures were impacted during the tornadoes and 1,248 were destroyed.

Doak has said he expects insured losses from the May19-20 tornadoes to reach $2 billion. He has issued an order suspending policy non-renewals, cancellations and terminations for Oklahomans affected by the severe storms and called on retired insurance agents--even those no longer licensed to work in Oklahoma--to volunteer.

Catastrophe risk modeler Risk Management Solutions put insured losses from the Moore, Okla. tornado on May 20 at $2 billion to $3.5 billion.

Severe storms, including tornadoes, again struck Oklahoma later in May.

Storm damage in the U.S. in May will cost insurers at least $4 billion, says Aon Benfield’s Impact Forecasting.

The National Weather Service confirmed 61 tornadoes May 18-22. Aon says economic losses to affected areas during this span will be about $5 billion, with insured losses of $2.5 billion.

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