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Member, Beacon International Group, Ltd.
BLOOMINGTON, Ill.—State Farm Mutual Automobile Insurance Co. said Friday that its insured losses resulting from tornadoes and severe spring storms in the Midwest and Southeast U.S. are likely to exceed $2 billion.
To date, the Bloomington, Ill.-based insurer has paid out more than $1.75 billion to policyholders in Alabama, Missouri and other states ravaged by a historic outbreak of tornadoes and thunderstorms during April and May.
State Farm said in a statement that its clients have filed more than 400,000 home, business and auto claims so far as a result of the storms.
“Our policyholders have experienced an extraordinarily devastating spring, and we are very proud of the remarkable job all our associates are doing to help our customers recover,” Brian Boyden, State Farm's executive vp, said in the statement.
Payouts top $3.3 billion
State Farm said its catastrophe claim payouts so far this year already exceed $3.3 billion, including residual payments made on catastrophes from prior years.
By the end of May, the National Weather Service had received more than 1,400 reports of tornadoes, including 875 in April. According to the NWS, 536 people have been killed this year in tornadoes.
This week, Northbrook, Ill.-based Allstate Insurance Corp. announced its insured losses from the storms could also reach $2 billion.
NORTHBROOK, Ill.—The Allstate Corp. said Thursday that its insured losses from U.S. storms in April and May could reach up to $2 billion.