Insurance payments on claims related to severe tornadoes the last two weeks of May in Oklahoma have eclipsed $470 million, and Insurance Commissioner John D. Doak says this is “just the beginning.”
More than 60,300 claims have been filed with insurance companies from the tornadoes May 19-20 and May 30-31, the Oklahoma Insurance Department reported at press time.
A majority of claims payments—more than $326 million—are attributed to the first round of severe thunderstorms and tornadoes, which include the massive twister that struck Moore, Okla. on May 19. The state Department of Emergency Management says almost 4,000 structures were impacted during the tornadoes, and 1,248 were destroyed during the initial bought of severe weather in May. Policyholders have filed more than 19,841 private passenger auto claims, totaling about $51.7 million in payments from insurers.
About 540 homes and businesses were impacted by storms and tornadoes later in the month, the department adds. Nearly $60 million have been paid on homeowners' claims.
Doak expects insured losses from the May 19-20 tornadoes to reach $2 billion, adding the payments will continue to swell, as victims haven't received their entire settlement checks.
Storm damage from May's severe weather could cost insurers at least $4 billion, according to Aon Benfield's Impact Forecasting. The National Weather Service confirmed a total of 61 tornadoes May 18-22. Aon says economic losses to affected areas during this span will be about $5 billion, with insured losses of $2.5 billion.
On June 11, Doak said the OID had issued nearly 3,000 licenses to adjusters within the last 12 business days, compared to about 2,700 issued for the month of April. The spike stems from granting emergency licenses to out-of-state adjusters.
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