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. He identified the largest number of claims as being related to vehicle policies, followed by homeowners and then commercial property coverage.
The previous tornado insurance predictions of the commissioner were that the losses would exceed $2 billion.
According to the commissioner, there have already been almost 17,500 vehicle claims, more than 13,900 homeowners claims, and approximately 720 commercial property claims from among those that have been made so far for tornado insurance coverage.
Although the losses, so far, have reached $250 million, the commissioner still feels that the earlier prediction that was made – approximately $2 billion, or possibly higher – is still likely to be the case. This, for the May 20 twister, alone. The tornado insurance losses for all of these weather events after that point in May are likely to be notably higher.
That said, while the payments from tornado insurance companies of various kind – for property, commercial property, or auto – are likely to be very high, it still appears to be well within the range of their ability to manage. Moreover, the Commissioner Doak released a statement that said that “The victims can rest assured that we (the state insurance commission) will be here to provide help until the last claim is filed.”
This expressed the determination of the Commissioner and of the department of the state to support residents with all of the different types of tornado insurance claims that need to be made following this catastrophe. There is always a great deal of organization involved in the aftermath of twisters and the commission is determined to pull its weight until everything has been resolved.