28 May $1B to $5B in insured losses in tornado outbreak
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.”
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