Texas storms expected to cost more than US$75 million

Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as well as parts of Louisiana, Arkansas and Oklahoma. More than 500,000 were left without power, and the storms are being blamed for at least two deaths.One insurer, State Farm, which insures almost a third of all homes in the state, is reporting an expected 10,000 claims which could total around US$25 million alone. However, the June 1-2 storms were followed by yet more severe weather on June 6, also producing power outages, for which insured damages have not yet been estimated.The Texas storms follow on the heels of severe weather and tornadoes which struck the U.S. Midwest the last two weeks of May. The Insurance Services Office (ISO) estimates insured losses from these storms to top US$25 million. In all, about 520 tornadoes were reported through the month of May.