III pegs tornado damage at US$325 million

Although the storms are not yet over, early estimates from insurers have led the Insurance Information Institute (III) to peg insured losses from tornadoes that hit the midwest U.S. this week at more than US$325 million.This figure would put the events among the top five costliest tornadoes ever.Wind damage is largely covered by standard business, homeowners and auto policies, notes the III. The most costly tornadoes ever in the U.S. were in May, 1999, when 18 states were hit causing damage of US$1.6 billion. Last November, tornadoes that hit 17 states including Tennessee, Alabama and Kentucky, cost insurers US$520 million.