Insurers have so far fielded over 70,000 claims costing $687.9 million from the tornadoes that hounded Oklahoma in May.
The claim total, reported by the Oklahoma Insurance Department (OID) as of June 26, is up by nearly 5,000 since the OID's previous update on June 19.
“The victims of these devastating tornadoes will be dealing with the aftermath for quite a while,” said Oklahoma Insurance Commissioner John D. Doak. “The claim filings are slowing down but they're nowhere near complete. Most policies allow for claims to be turned in up to one year from the date of loss. The Oklahoma Insurance Department is here to help guide the victims through some important decisions. We're committed to seeing this through to the very end.”
Claims for the May 19 and 20 tornadoes, which killed 24 people in and around Moore, Okla., reached 18,102 for homeowner's insurance with about $433 million in payments made. Private auto claims totaled 22,126 at a cost of $73 million; there were 478 commercial auto claims with $2 million paid out by insurers; and nearly a thousand commercial property claims that cost $25 million.
The May 30 and 31 tornadoes that devastated El Reno, Okla., killing 13, including three professional storm chasers, triggered 18,505 homeowner's claims totaling almost $97 million; 11,684 private auto claims that cost $27 million; 1,779 commercial property claims with nearly $17 million in payments made; and 497 commercial auto claims that cost insurers about $2 million.
The OID is holding a series of educational forums for storm victims in Carney, Moore and El Reno. The weekly Recovering From a Disaster Insurance Forums allow impacted Oklahomans to ask questions and receive assistance with insurance-related issues, including complaints, delays and disputes.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
