Insured losses from Texas tornadoes could reach $500 million

Tornadoes that hit the Dallas-Fort Worth area on Apr. 3 may result in up to $500 million in insured losses, according to the Southwestern Insurance Information Service (SIIS).

Insurers have already reported $300 million in claims, according to the service, which represents member companies in the region. At least 350 homes were destroyed and up to 1,000 residences were damaged, with more claims expected. These figures do not include business losses or vehicle claims.

“We are estimating up to 20,000 auto claims at this time,” said Sandra Helin, president of the SIIS. “It could be safe to say that auto claim numbers could be three times as high as the number of structural claims in the Dallas-Forth Worth area.”

Roughly one dozen tornadoes touched down in the Dallas-Fort Worth area last week, damaging hundreds of buildings as well as dozens of planes at the local airport.

The damage adds to an active, early season for tornadoes in the United States. Thus far, insurers have posted $1.8 billion in losses due to severe convective storms.