INSURANCE INDUSTRY TAKES ANOTHER HIT
OLDWICK, N.J. — The tornado that hit Oklahoma last Saturday will add to the list of claims against the beleaguered United States insurance industry.
Insurers are already staggering after a string of natural disasters. The A. M. Best Company estimated that the mid-March blizzard that struck the East Coast will cost insurers $1.5 billion.
Costs from the March storm exceeded previous estimates. Insurers will also pay $510 million for World Trade Center bombing damages. Hail and wind storms in Texas and Kansas last month caused $125 million and $35 million in damages.