$1B to $5B in insured losses in tornado outbreak – Saxon – Employee Benefits, Insurance & Wealth

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.”

Read full article at businessinsurance.com