Updated from 111:30 a.m. ET to include comments from President Obama's address Tuesday morning.
NEW YORK ( TheStreet) -- As terrible as the tornadoes in Oklahoma on Monday were, this is not a unique event, even in the city of Moore, which is about 10 miles south of Oklahoma City.
As of 10:00 a.m. ET Tuesday, rescue workers were in the midst of a massive effort to find survivors in the rubble in Moore and other suburbs of Oklahoma City, and the Oklahoma state medical examiner's office said 24 bodies had been recovered from the wreckage, according to a Reuters report.
"Numerous neighborhoods were completely leveled," Sgt. Gary Knight of the Oklahoma City Police Department said in a telephone interview with the New York Times. "Neighborhoods just wiped clean."Scores of injuries were reported, two schools were destroyed and the Moore Medical Center was directly hit by a tornado. The National Weather Center said on Tuesday there was a moderate risk of severe thunderstorms and its Storm Prediction Center in Norman, Okla., was "forecasting the development of tornadoes . . . large hail and damaging winds over parts of the Southern Plains and the
Summary Numbers for Thunderstorm/Tornado DamageSevere thunderstorms in the U.S., which for the purpose of insurance industry reporting include tornadoes but not hurricanes, led to $27.7 billion in economic losses during 2012, with insured losses totaling $14.9 billion, according to the Insurance Information Institute, which cites data provided by Munich Re and NatCatSERVICE.
During 2011, economic losses from U.S. thunderstorms totaled a record $46.5 billion, with insurers seeing a record $25.8 billion in losses. During 2010, thunderstorms and tornadoes led to $13.2 billion in economic losses and $9.5 billion in insured losses.
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