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MEDIA ADVISORY: Reporters Covering Insurance Implications of Midwest Tornadoes Can Contact the I.I.I. For Analysis, Facts and Statistics

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NEW YORK, November 18, 2013 — The Insurance Information Institute (I.I.I.) has online resources and subject matter experts available for media covering the potential insurance repercussions from the Midwest tornadoes that hit on Sunday, November 17. 
 
Severe U.S. thunderstorms, including tornado events, cost $14.9 billion in insured losses and $27.7 billion in economic losses in 2012, according to Munich Re. The United States experiences more tornadoes than any other country in the world, according to a 2013 report by Lloyd’s of London.
 
While it is too early to tell what the losses from Sunday’s severe weather will be, hundreds of homes, businesses and vehicles were damaged or destroyed. The National Weather Service in St. Louis determined that the New Minden tornado rated an EF-4 on the Enhanced Fujita Scale, meaning it had winds of at least 166 mph. The most costly tornado event so far this year occurred in May, devastating the city of Moore, Oklahoma, with insured losses totaling nearly $1.6 billion. Looking at historical records, the costliest U.S. catastrophe involving tornadoes hit Tuscaloosa, Alabama, and other areas in April 2011. This event caused $7.4 billion in insured losses (in 2012 dollars). The second costliest tornado struck Joplin, Missouri, and other locations in May 2011, resulting in $7.0 billion in insured losses (in 2012 dollars). May is generally the worst month for tornadoes, according to the National Climate Data Center; however this May only 200 tornadoes were reported, significantly less than the average of 250. EF5s are rare—on average one in 1,000 U.S. tornadoes, the agency notes.

 

THE TEN MOST COSTLY U.S. CATASTROPHES INVOLVING TORNADOES (1)

($ millions)

      Estimated insured loss (2) 
Rank Date Location Dollars
when
occurred		 In 2012
dollars (3)
1 Apr. 22-28, 2011 AL, AR, GA, IL, KY, LA,
MO, MS, OH, OK, TN,
TX, VA		 $7,300 $7,431
2 May 20-27, 2011 AR, GA, IA, IL, IN, KS,
KY, MI, MN, MO, NC,
NE, NY, OH, OK, PA,
TN, TX, VA, WI		 6,900 7,023
3 May 2-11, 2003 AL, AR, CO, GA, IA, IL,
IN, KS, KY, MO, MS, NC,
NE, OH, OK, SC, SD, TN		 3,205 3,929
4 Oct. 4-6, 2010 AZ 2,700 2,807
5 Apr. 6-12, 2001 AR, CO, IA, IL, IN, KS, KY,
MI, MN, MO, NE, OH, OK,
PA, TX, WI		 2,200 2,798
6 Apr. 28-29, 2012 IL, IN, KY, MO, TX 2,500 2,500
7 Mar. 2-3, 2012 AL, GA, IN, KY, OH, TN 2,500 2,500
8 Apr. 27-May 3, 2002 AR, GA, IL, IN, KS, KY,
MD, MO, MS, NC, NY,
OH, PA, TN, TX, VA, WV		 1,675 2,096
9 May 12-16, 2010 IL, MD, OK, PA, TX 2,000 2,079
10 Apr. 13-15, 2006 IA, IL, IN, WI 1,850 2,068

(1) Based on data available as of May 23, 2013.
(2) Property coverage only. In addition to losses due to tornadoes themselves, amounts may include losses due to hail, wind and flooding during the same events.
(3) Adjusted for inflation through 2012 by ISO using the GDP implicit price deflator.

Source: The Property Claim Services (PCS) unit of ISO, a Verisk Analytics company.

 

 

TOP TEN STATES, BY NUMBER OF TORNADOES, 2012 (1)

Rank State Number of tornadoes
1 Kansas 145
2 Texas 114
3 Alabama 87
4 Mississippi 75
5 Kentucky 65
6 Louisiana 53
7 Nebraska 48
8 Oklahoma 41
9 Florida 40
10 Illinois 39

(1) Includes tornadoes that cross state lines.

Source: U.S. Department of Commerce, Storm Prediction Center, National Weather Service.

 

RELATED LINKS

Issues Update: Catastrophes
Facts and Statistics: Tornades and Thunderstorms
 
The I.I.I.’s free mobile apps can help you create a disaster plan, learn about selecting the right insurance for your needs and budget, and create and maintain a home inventory. Learn more about our suite of apps here.
 
The I.I.I. has a full library of educational videos on its You Tube Channel.
 
 

 

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