May 24 - The tornadoes that hit the United States caused as much as $5 billion in insured losses, according to early estimates from Eqecat. Conway G. Gittens reports.
The Daily Digit is $5 billion. 76 tornadoes hit the United States between May 18th and May 20th - causing as much as $5 billion in insured losses, according to disaster modeling company Eqecat. If the number is confirmed, this tornado outbreak may rank as the second-worst ever in dollar terms. $3 billion of that $5 billion dollars worth of insured damage comes from the tornado that devastated Moore, Oklahoma, on Monday. That storm killed 24 and flattened two elementary schools. The brunt of those losses is likely to fall on insurers State Farm and Farmers Insurance Group, which together have an aggregate market share of nearly 29 percent in the state, according to SNL Financial.