Losses from Oklahoma's May storms likely to top $1 billion

Insurance companies likely will pay out more than $1 billion to cover damage from last month's back-to-back storms that spawned tornadoes and large hail, industry representatives said Wednesday. The May 10 storms bearing hail and tornadoes that swept through central Oklahoma will cost insurance companies about $595 million, according to an estimate by ISO's Property Claim Services unit, which tracks catastrophic insured losses.