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Insurers Seen Facing Billions in Losses for Oklahoma

Property-casualty insurance companies are expected to face at least a couple of billion dollars of insured losses from the tornado near Moore, Okla., according to rough calculations by Wall Street analysts.Some consumer activists are already expressing concern about homeowners falling short of the needed money for repairs because of changes insurance companies have made to their coverage due to the increasing number of tornados.The preliminary loss estimates are based on damages from other major tornados in recent years, including 2011 tornados in Joplin, Mo., and Tuscaloosa, Ala., which caused more than $2 billion in insured losses in each of those cities, according to analysts at Morgan Stanley.The insurance industry already had many claims representatives and other employees staged in the area because of a May 19 tornado in Shawnee, Okla., said Robert Hartwig, president of trade group Insurance Information Institute. Insurers also "are actively communicating with policyholders by a ...

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