Insurer Loss Ratios High in Oklahoma After Years of Extreme Storms

The May storms in Oklahoma that produced two EF-5 tornadoes, destroyed thousands of houses, resulted in 46 deaths and sent damage estimates above the $5 billion mark, were extreme examples of a years-long pattern of storms that has the insurance industry wondering what’s next. Dave Ramsey, CEO of the Independent Insurance Agents of Oklahoma, said the past five years have been very difficult ones for insurance companies that write policies in Oklahoma. “The thing is, the lesson is still being learned,” Ramsey said. “This is the fifth year in a row that portions of Oklahoma have been devastated. It’s a disturbing trend.”