Tag: tornado insurance

Insurance industry to study U.S. and Canada’s “new normal”

Julie Campbell
Insurance Industry Hail, tornado, wind research

New research has now been funded to help to quantify the risk associated with hail, tornadoes and wind. Verisk Analytics company, Atmospheric Environmental Research (AER), has announced that it has received funding from the insurance industry and financial sector companies for a new emerging risk program being run by its scientists, called Climate Change: Tornado and Hail, in order to help to quantify any shifts that have occurred in the severe thunderstorm hazard patterns in Canada and the United States. It is believed that the result will be a “new…

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Insurance industry feels financial impact of Oklahoma tornados

Marc
Oklahoma tornado damage - homeowners insurance industry

Insurance industry sees payments top $1 billion The Oklahoma Department of Insurance has released the financial information concerning a powerful tornado outbreak that struck the state in May of this year. The information suggests that the tornado outbreak may be one of the most costly natural disasters in the state’s history. Insurance Commissioner John Doak claims that the financial impact of these tornadoes is staggering and notes that the rebuilding effort for communities stuck by tornadoes has only just begun. The cost of these disasters could have a significant impact…

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Homeowners insurance recommended for Oklahoma residents

G. Turner
Oklahoma Tornado homeowners Insurance

Officials in the state have been urging residents to consider the “hard to insure” program for their homes. The head of the homeowners insurance department in Oklahoma has released a statement that is currently urging residents to consider taking part in the “hard to insure” program to obtain coverage for their homes. This recommendation comes on the heels of over $1 billion in claims payments from May’s severe tornado damage. John Doak, the commissioner for Oklahoma, issued a statement at the end of the week that reminded residents of the…

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Tornado insurance claims have already surpassed $250 million in Oklahoma

G. Turner
Tornado insurance

Homeowners, property, auto, and other claims have contributed to this massive and growing total. According to the state commissioner, the tornado insurance claims from May in Oklahoma have already risen to the point that they have reached $250 million and they are expecting to surpass that total quite quickly before long. The devastation that was caused in the Oklahoma City area in May was staggering. Since May 19, there have been over 32,000 total tornado insurance claims on various different types of policies. This, according to Commissioner John Doak’s data.…

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Homeowners insurance claims from Oklahoma tornado could exceed Joplin

Julie Campbell
Homeowners insurance losses oklahoma tornado

The state commissioner has reported that the damage caused by the E5 will be in the billions of dollars. John Doak, the Oklahoma Insurance Commissioner, has stated that it is likely that the tornado that struck the Oklahoma City suburb will generate homeowners insurance claims that will be higher than the twister that hit Joplin, Missouri in 2011. Doak stated that Joplin’s storm caused about $3 billion in damage, and that “This will likely exceed that.” The commissioner made his statement after having toured the devastated area. He said that…

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