CoreLogic estimates $2.1bn in reconstruction costs for US Late-April tornadoes

The severe tornadoes heavily hitting Nebraska, Iowa, and Oklahoma on April 26th – 27th is estimated to have damaged 7,229 residential properties with a combined reconstruction cost of $2.1 billion, according to CoreLogic.

Across Oklahoma, nearby Lincoln and Omaha, Nebraska, and in southwest Iowa, multiple tornadoes hit towns, closed highways, and cut off power.

The National Weather Service (NWS) Storm Prediction Center confirmed that there were 127 tornado reports across the Midwest during the duration of the severe convective storm (SCS).

The NWS also reports that there were five EF-3 tornadoes and two EF-2 tornadoes in Nebraska and southwestern Iowa, along with an EF-4 tornado in Oklahoma.

These destructive tornadoes come less than two months after an extensive hail outbreak across the Midwest.

The two severe weather events follow a year of record-breaking SCS insured losses in 2023.

In Q1 of 2024, Gallagher Re has estimated that global insured losses from natural catastrophes, particularly driven by SCS activity, were $20 billion.

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