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Tornadoes' insured losses likely to exceed Ivan

Contact: Ragan Ingram

334-241-4146

5/10/2011

The April 27 tornado outbreak will lead to insured losses likely to surpass that of 2004's Hurricane Ivan, Governor Robert Bentley and Insurance Commissioner Jim Ridling announced today.

Catastrophe modeling company AIR Worldwide estimates there will be insured losses in a range between $1.9 billion and $2.6 billion in the state of Alabama. Hurricane Ivan created $2.0 billion in insured losses, which was the state's costliest storm.

"Every dollar of losses (whether insurable or not) is attached to a family, a home, or a business," Governor Bentley said. "We should never lose sight of that. These numbers help provide a framework for the insurance industry to execute its response and keep its promises to Alabama families and businesses."

The estimate provided by AIR Worldwide reflects:

-Insured physical damage to property (residential, commercial, industrial, automobile), both structures and their contents

-Additional living expenses (ALE) for residential claims

-Business Interruption losses.

Commissioner Ridling said he wasn't surprised at the insured loss estimate either.

"We have confidence in these numbers, and from having visited several areas, they pass the eyeball test," Commissioner Ridling said. "The important thing now for our agency is to work with consumers through the claims process."

The Department of Insurance can be reached at 1-800-433-3966. Weekday hours are 8 a.m. until 7 p.m. The Department will be open for telephone calls on Saturday from 8 a.m. until 5 p.m., on Sunday from 8 a.m. until 3 p.m. It is also staffing disaster recovery centers established by FEMA.

Governor Bentley renewed his call for Alabama citizens to seek assistance from FEMA, even fi they have insurance coverage.

"If you were affected in any way, this resource is here to help you, particularly if you do not have insurance coverage," Governor Bentley said. "But I encourage all affected to register."

The number to register for individual and business assistance through FEMA is 1-800-621-FEMA (3362). The hearing or speech impaired can use the TTY line at 1-800-462-7585. The registration lines are available from 7 a.m. to 10 p.m., local time. Registration may also be accomplished online at http://www.disasterassistance.gov/.

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