Report: Insurers should enhance tornado models amid rising losses

02/27/2013 | Business Insurance (tiered subscription model)

Property/casualty insurers need to improve how their models project the risks posed by tornadoes, a report from Lloyd's of London says. "[T]he U.S. experiences more tornadoes than any other country," an average of 1,200 tornadoes in a year, the report said. Insured losses from tornadoes are increasing, as "both 2008 and 2009 saw three severe thunderstorm events which cost over $1 billion, whilst the record-breaking 2011 cost the insurance industry over $25 billion," the report says.

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