Oklahoma Insurance Commissioner John Doak said that the tornado that struck Oklahoma on Monday, now updated to EF-5 strength, may exceed the $3 billion in damage incurred by the Joplin, Missouri tornado in 2011 that killed 161 people, according to a Reuters report.
Meanwhile, catastrophe modeler AIR Worldwide estimates that the replacement value of damaged properties in the track of the tornado could be about $2 billion within a buffer zone of 0.4 miles on each side, and $6 billion for a one-mile buffer zone.
According to a report in the Wall Street Journal, Wall Street analysts agree that the losses will be in the billions, based on damages from recent historic tornadoes like the ones in Joplin and Tuscaloosa, Ala.
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