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Member, Beacon International Group, Ltd.
JOPLIN, Mo.—The huge tornado that devastated Joplin, Mo., could result in insured losses of $1 billion to $3 billion, catastrophe modeling firm EQECAT Inc. said Tuesday.
At least 116 people in the Missouri city reportedly were killed when the tornado with winds up to 198 mph struck on Sunday.
Reports said the twister left a path of destruction roughly 6 miles long and one-half mile wide.
Preliminary reports suggest that up to one-quarter of the building stock in Joplin may have been destroyed, EQECAT said in a statement.
A massive tornado struck the southern Missouri city of Joplin Sunday, killing dozens and causing widespread property destruction.