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Payments on property and auto insurance claims for the May 19 and 20 tornadoes that affected 16 residential counties in Oklahoma have already reached at least $85 million, reports the states insurance department.

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

Rating agency Moodys says second-quarter earnings among P&C carriers are likely to be pressured by losses paid on the May 20 tornado in Moore. Okla.

Rating agency Moodys says second-quarter earnings among P&C carriers are likely to be pressured by losses paid on the May 20 tornado in Moore. Okla.

In cat claims handling, certain touchpoints can breed bad faith allegations, not to mention plenty of bad press for insurers. Cultivating best practices will mitigate needless litigation.

In cat claims handling, certain touchpoints can breed bad faith allegations, not to mention plenty of bad press for insurers. Cultivating best practices will mitigate needless litigation.

As news reports question the lack of shelters in Oklahoma, insurance experts say that Tornado Alley residents are more prepared than ever to handle tornado damage.

Oklahoma Insurance Commissioner John Doak said damages from the Moore, Okla. tornado may exceed $3 billion while AIR Worldwide estimates that the replacement value of damaged properties around the track of the tornado could be as high as $6 billion.