Officials: Insurance payments for Okla. tornadoes approach $562M

06/19/2013 | PropertyCasualty360

The number of insurance claims for damage from last month's tornadoes in Oklahoma has increased to 70,782, and payments have risen to nearly $562 million, according to the state Insurance Department. The state also said in a bulletin that property/casualty insurers and producers should retain their policyholders' existing coverage for 60 days after repairs are finished. "Due to the backlog of work ... many repairs won't be completed before the policy expires. That results in open and pending claims that prevent the policyholder from obtaining replacement coverage," said Insurance Commissioner John Doak.

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