Insured tornado losses estimated at $1.485 billion
NEW YORK, May 12 (Reuters) - U.S. insurers are expected to pay at least $1.485 billion for damage from the killer tornadoes that struck the Midwest last week -- a record for a U.S. tornado catastrophe, according to the group that prepares the industry's official estimates.
Oklahoma had a record catastrophe loss of $955 million for insured property, making it the worst hit of the 18 states ravaged by the tornadoes, wind and hail, according to Property Claim Services, a unit of the Insurance Services Office.
Oklahoma City and its suburbs sustained insured property losses of an estimated $775 million, primarily from direct tornado damage, the insurance group said.
Entire neighborhoods were leveled in Oklahoma City and surrounding towns by a tornado with wind speeds topping 300 miles an hour.
The previous Oklahoma record for catastrophe losses was $150 million in June 1992 from tornadoes, wind and hail.
The latest tornado outbreak, which struck between May 3 and May 7, caused insured losses of about $100 million in Kansas. Insured losses are expected to total $75 million in Texas, $50 million in Tennessee and $40 million in Georgia, the insurance group said.
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