Insured losses from Midwest tornadoes could top $1B: RMS
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The storms that hit the U.S. Midwest on Sunday could cause insured losses of more than $1 billion, according to Risk Management Solutions Inc.
While it is too early to give a finalized assessment of insured losses from the tornado outbreak, “there is a good chance” that they could become the U.S. insurance industry's first billion-dollar in November, according to Matthew Nielson, a director and meteorologist at RMS.
The tornado outbreak was another anomalous occurrence in the 2013 severe weather season, according to RMS. Storm activity typically peaks in the spring and summer, but 2013 saw other severe outbreaks in January and October when 62 and 42 storms were reported respectively.
By Monday, there were preliminary reports of 81 tornadoes from the weekend outbreak, most of which occurred in Illinois and Indiana, and 17 of which were hurricane strength, according to RMS.
The outbreak likely will be one of the five most significant November incidences since 1950, RMS noted.
To date, six people have been confirmed dead as a result of Sunday's storms.
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