Insured losses from tornadoes in South, Midwest may reach $5B: EQECAT
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OAKLAND, Calif.—Insured losses resulting from the deadly storms that ravaged more than a dozen states in the South and Midwest this week could reach as high as $5 billion, according to Oakland, Calif.-based catastrophe modeler EQECAT Inc.
At least 300 people are believed to have been killed during a series of powerful tornadoes and windstorms that struck across 14 states from April 26-28. The bulk of the damage, according to reports from state emergency management agencies, occurred in Alabama, Tennessee and Mississippi during a day-long outbreak Wednesday of as many as 211 tornadoes.
Preliminary reports indicate as many as 10,000 buildings were destroyed, putting insured property damage loss estimates between $2 billion and $5 billion, EQECAT said in a report released Friday.
While tornadoes and high winds caused the majority of the damage, EQECAT said floodwaters, hail and wildfires also are contributing to property damage claims across the south. Fires in Texas already have caused about $100 million in property damage, having scorched more than 1.6 million acres and at least 250 buildings.
Tom Larson, a senior vp at EQECAT, said this week's storms were comparable to storm events recorded in 2003, 1999 and 1998 in terms of estimated losses. However, he said, the level of tornado activity endured by states in the south and Midwest so early into the season could prove to be without equal.
“This is unprecedented, the number of storms we've had through April,” said Mr. Larson. The National Weather Service has received more than 980 eyewitness reports of tornadoes this year, though officials for the agency predict the number of actual tornadoes is likely to be lower once storm reports are examined.
As violent as the April storms have been, Mr. Larson warned that tornado season in the U.S. has really only just begun. “The really active months are normally May, June and July,” he said.
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