Insured losses due to tornadoes in excess of $1 billion

OKLAHOMA CITY, OK — Estimated insured losses resulting from a series of devastating storms in Oklahoma are at least $1 billion, with some estimates reaching as high as $5 billion, according to Business Insurance.

"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," said Insurance Information Institute President Robert Hartwig.

The tornado in Moore, Oklahoma, caused 24 fatalities and damaged about 13,000 structures, where the bulk of the losses are expected, with many homes in Moore were reduced to rubble with winds scattering debris over a very wide area, the article stated.

According to the article, while it is expected that there will be business interruption claims in Moore, it is difficult to assess how much that will be at this point.

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