Okla. Storm Losses Reach $40M

Oklahoma Insurance Commissioner Carroll Fisher announced updated estimates for insured losses stemming from ice storms that hit the state Jan. 31-Feb.1. Latest estimates, tabulated by New Jersey-based Property Claims Service, show that insurers face $40 million in claims from storm damage. The figure, up from $17 million initially, excludes deductibles and losses not covered under insurance policies. Fisher noted that while the “damage turned out to be much worse than originally expected,” the insurance industry is strong financially and will be able to “respond as needed.” He approved applications from State Farm, Shelter and MetLife requesting use of out-of-state emergency adjusters. Fisher also indicated that his department “stands ready to assist the industry in any way it can to expedite the claims paying process.”