July 4, 2013 by Canadian Underwriter
Insurance claims from the major tornado events in late May in Oklahoma have passed 75,000, with insurance payments reaching nearly $688 million.
As of June 26, the number of claims filed reached 75,758, with insurance payments reaching $687,945,276, according to the state’s Insurance Department.
“The victims of these devastating tornadoes will be dealing with the aftermath for quite a while,” said Oklahoma’s insurance commissioner John Doak.
“The claim filings are slowing down but they’re nowhere near complete. Most policies allow for claims to be turned in up to one year from the date of loss,” he added.
More than $432 million of the payments have been from the more than 18,000 homeowner insurance claims related to the May 19 and May 20 tornadoes, according to the department. Homeowner claims payments from the May 30 and May 31 tornadoes have reached nearly $97 million.
Private auto claims payments from the earlier tornadoes have reached more than $73 million and more than $27 million for the later events.
Commercial property claims payments from the earlier events have reached more than $25 million, while commercial auto claims from those tornadoes had passed $2.5 million.
For the later tornadoes, commercial property payments have totaled around $16.8 million so far and commercial auto claims payments have reached nearly $2 million.