RJ and Makay

Record first-quarter 2011 catastrophe losses have shaken the property casualty industry. Winter storms, severe thunderstorms and tornadoes, including the largest tornadic event in the nation’s history, are pressuring operating results leading into the upcoming hurricane season.

At least 305 tornadoes struck the U.S. April 25-28, making it the largest outbreak in history, according to the National Oceanic and Atmospheric Administration.  Insured losses from the outbreak will be between $3.7 billion and $5.5 billion, according to Boston-based catastrophe risk modeling firm Air Worldwide.  The estimate is based on residential, commercial, industrial and automobile damage, as well as additional living expense and business interruption losses.