May storms resulted in billions of insured damage
WASHINGTON — A report is now saying that damage from May storms in the U.S. could end up costing property/casualty insurers upwards of $4 billion, according to Business Insurance.
The report, released by Impact Forecasting LLC, cites several severe windstorm events, most notably the EF5 tornado that struck Moore, Oklahoma, and killed 24 people, and damaged or destroyed as many as 13,000 homes and structures, the article stated.
According to the article, total economic losses from the event were estimated at $5.0 billion, with insured losses estimated at more than $2.5 billion.
A second prolonged weather event from May 26 to June 2 saw at least 76 tornadoes touching down, including an EF5 tornado with 295 mph winds and a U.S. record 2.6-mile-wide path that struck El Reno, Oklahoma, the article noted.
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February 21, 2023