P/C insurers may face hefty losses from tornadoes, expert says

03/6/2012 | PropertyCasualty360

The tornadoes that ripped through parts of the U.S. last week are likely to result in hefty losses for property/casualty insurers, although catastrophe modelers are still determining the exact amount. "It will likely be some time to get a true estimate from insurance companies given the widespread nature of the event and that the National Weather Service continues to assess the damage to confirm and determine tornado ratings. ... It's probably not a stretch to say the insured losses will reach well into the hundreds of millions of dollars," said Steve Bowen of Aon Benfield.

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