May turned out to be a mega-expensive month in terms of insurance losses. A busy week of severe thunderstorms and tornadoes across much of the US generated between $4 billion and $7 billion in insured losses, according to AIR Worldwide. AIR Worldwide is a catastrophe modeling company.

The rough month of May follows several months of unheard of losses that includes floods and cyclones in Australia, earthquakes in New Zealand and Japan, unrest in the Middle East, and of course, sky high tornado damage in the US. The unprecedented pattern of damage has left the insurance industry with little option but to raise rates.

According to the Chicago Tribune, experts say that 2011 losses for reinsurers are already more than double their full-year forecast. Two major tornado episodes ranked among the costliest in history. The insurance industry may be responding with higher prices. They’re also preparing for hurricane season which just started and could lead to even more destruction. The US did not have a major hurricane hit land the past two years but experts are predicting an active 2011 hurricane season.

Strong tornadoes lumbered through Missouri last week, doing millions in damage to Lambert-St. Louis International Airport and other structures. The airport received a $10 million insurance check to cover the costs of the damages from the storms. Airport officials say they’re still finalizing estimates for repairs, but $10 million is a good start. “They know it will be quite a bit when all is said and done,” Susan Kopinski, Lambert’s deputy director of finance and administration told the Post Dispatch.

The $10 million check shows just how extensive the storm was, but airport officials say they’re adequately insured for situations like this. The airport’s deductible is $100,000 and officials believed all of the damage would be covered, according to the newspaper. Flights were disrupted for a full day following the storm so the airport rushed to bring in contractors to make necessary repairs. Officials say the worst of the damage occurred in the C Concourse in Terminal 1. Several windows were blown out and a jet fuel tank farm was damaged.

The airport was just one of many buildings damaged. In fact Nationwide Mutual Insurance Co and Allied Insurance set up a temporary aid station to distribute humanitarian aid to victims. “Our hearts go out to victims of this terrible storm,” said Terrance Williams, regional vice president of Nationwide’s Central Plains Region. “We’re pleased to assist the community with humanitarian relief and would encourage anyone who needs emergency supplies to visit our mobile catastrophe unit. We’re also committed to providing timely service to Nationwide and Allied Insurance customers who may have experienced damage to their homes.”

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