Skip to main content

Tornados Hit; Insurers Brace for Losses

Massive Midwest storms could cause some worry for property/casualty insurers.
  • Author:
  • Publish date:

NEW YORK(

TheStreet

) -- Massive Midwest storms could cause some worry for property/casualty insurers.

The storms that swept across Colorado, Kansas, Missouri, Illinois, North Carolina, Alabama, Tennessee and Wisconsin Tuesday and today reportedly spawned 28 reports of tornados and 500 reports of damaging winds, according to Susan Buchanan, spokeswoman for The National Weather Service.

The storms continued Wednesday with

wind advisories

for the Upper Midwest and sections of the Ohio Valley, winter storm warnings in North Dakota and Minnesota and tornado warnings in Georgia.

Wind gusts reportedly exceeded 70 mph blowing roofs off of homes, causing partial building collapses and power outages. RMS and EQECAT catastrophe modeling agencies have not released estimates of the damage done by the storms.

The storms could be a significant blow to insurers that have so far had a tame hurricane season. Insurers such as

Allstate

(ALL) - Get Allstate Corporation Report

and

Travelers

TheStreet Recommends

(TRV) - Get Travelers Companies, Inc. Report

could use the capital to make acquisitions or buybacks next year if the storm season ends without much damage.

To see where hurricanes have hit this season and which insurers were affected the most check out our

interactive Hurricane Map.

--Written by Maria Woehr in New York.

To contact the writer of this article, click here:

Maria Woehr

.

To follow the writer on Twitter, go to

http://twitter.com/newsgirlmw

.

To submit a news tip, send an email to:

tips@thestreet.com

.