Insurers: May Storms in Oklahoma Caused $1B in Damage

Industry representatives say insurance companies likely will pay out more than $1 billion for property damage sustained during a stormy month of May in Oklahoma.

An estimate by ISO’s Property Claims Services unit, which tracks catastrophic insured losses, is that the tornado outbreak in central Oklahoma on May 10 will cost insurance companies $595 million.

That total does not include insurance claims after a May 16 hail storm battered parts of the Oklahoma City metropolitan area.

Marc Young, the state’s assistant insurance commissioner, says losses from the hail likely will exceed those from the May 10 storms.

If that’s the case, the damage total will exceed $1 billion.

Young says some insurance companies have processed more than 700 vehicles a day that were damaged during the May 16 storm.

Information from: The Oklahoman