Canadian Underwriter

Latest U.S. storm insured losses pegged at US$1.55 billion

May 21, 2003   by Canadian Underwriter

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A series of storms which ripped through 18 states within the U.S. between May 2-11th of this year – which saw more than 400 tornado touchdowns – will cost insurers at least US$1.55 billion in auto, residential and commercial claims, according to company loss data collected by the Insurance Services Office Inc. (ISO). Collectively, the series of tornadoes and thunderstorms from this period this year produced the third highest windstorm-related insured loss in the U.S. thus far, the ISO notes.
The latest tornado and storm catastrophe event is expected to generate about 429,000 claims in total, resulting from hail, wind, and flooding damage. Of the 18 states affected, Tennessee carries the largest anticipated insured cost of around US$310 million from about 77,000 claims. Missouri takes second place in the loss stakes with an expected US$275 million from 62,000 claims, Oklahoma with a US$245 million insured loss from 55,500 claims, Nebraska with US$175 million from 31,000 claims, Georgia’s loss tally at US$90 million on the back of 30,000 claims, Illinois with a US$75 million loss from 37,500 claims and North Carolina clocking in at a loss of US$75 million resulting from 24,500 claims.

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