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Insurers to Pay Out $1.55 billion for May Tornadoes

JERSEY CITY, N.J. - The Insurance Services Office Property Claim Services unit reports that insurers can expect to pay policyholders an estimated $1.55 billion for claims from severe thunderstorms and killer tornadoes that cut through 18 states earlier this month. According to ISO PCS insurers will receive more than 429,000...

By Staff Writer | Updated on May 27, 2003

JERSEY CITY, N.J. – The Insurance Services Office Property Claim Services unit reports that insurers can expect to pay policyholders an estimated $1.55 billion for claims from severe thunderstorms and killer tornadoes that cut through 18 states earlier this month. According to ISO PCS insurers will receive more than 429,000 claims from auto, residential and commercial policyholders impacted by hail, wind, flooding and more than 400 tornadoes. The highest insured loss in a windstorm catastrophe was $2.2 billion in April 2001 that affected 16 states, followed by a $1.7 billion loss from a 17-state event in April 2002. Tennessee has sustained the highest insured losses – $310 million from an estimated 77,000 claims. The ISO PCS estimate is based on a survey of at least 70% of insurers writing residential, commercial and automobile policies in the affected states.

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