In Oklahoma, claims from a May 10 hailstorm and tornado and a May 16 hailstorm likely will exceed $1 billion. According to State Insurance Commissioner Kim Holland, insurers based in the state will feel more pain than regional or national companies. Holland adds that Oklahoma's average premium for personal property insurance is among the highest in the country due to the severe hail and wind storms that batter the state, but insurers are prevented by state law from canceling homeowners’ policies after just one claim.

Storm Losses May Top $1 Billion (The Oklahoman 6/3/10)

June 15, 2010