NEW YORK (
) -- Dozens of tornadoes across several states including Alabama, Georgia, Kentucky, Mississippi, Missouri, Tennessee, Texas, Virginia and Illinois could be costly to insurers' second quarter earnings.
"It is too early to assess the damage yet. The claims are still coming in," said Sandler O'Neill analyst Paul Newsome. "For companies who have exposures in those territories, it will be costly to their second quarter earnings."
Newsome added that insurers that provide home coverage in disaster ravaged states will suffer the greatest losses, including
American International Group
occurs in March through September, according to Insurance Information Institute.
The National Weather Services' Storm Prediction Center reported that there were 1,280 tornadoes in 2010. Over 250 people are reportedly dead from the tornadoes that occurred this week, according to a report by CNBC.
--Written by Maria Woehr in New York.
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