Tornadoes that slammed five states in the U.S. Midwest and South last week may generate as much as $2 billion in claims costs for insurers, risk-modeling firm Eqecat Inc. said.

Tornadoes have killed 49 people in the U.S. this year, according to a statement issued yesterday by Oakland, California-based Eqecat. The tornadoes will probably bring claims of $1 billion to $2 billion, the firm said.

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