Tornado outbreak in Midwest, South could cost insurers up to $2B: EQECAT

OAKLAND, Calif.—The tornadoes that wreaked havoc over large areas of the Midwest and South last week caused between $1 billion and $2 billion in insured damage, according to catastrophe modeler EQECAT Inc.

Oakland, Calif.-based EQECAT said more than 150 tornadoes touched down in two distinct systems between Feb. 28 and March 3.

The majority of the tornadoes affected Alabama, Indiana, Illinois, Kentucky and Tennessee, said EQECAT, which added that the Leap Day tornado outbreak of Feb. 28-29 produced at least 36 tornadoes.

“Tornado activity for the year is well above average with 272 tornadoes” compared with the 2005-2011 average of 123, said EQECAT.