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Insurers, Officials Begin to Assess Damage from Oklahoma Tornado

Oklahoma Insurance Commissioner John Doak said damages from the Moore, Okla. tornado may exceed $3 billion while AIR Worldwide estimates that the replacement value of damaged properties around the track of the tornado could be as high as $6 billion.

By Anya Khalamayzer | Updated on May 22, 2013
Wreckage of the Plaza Towers Elementary School in Moore, Okla., on Tuesday, May 21, 2013. (AP Photo/Sue Ogrocki, Pool)

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. 

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