An apartment complex has been reduced to rubble in Joplin, Missouri on May 23, 2011. Officials say the tornado that hit on May 22, cut a path a mile wide by four miles, destroying over 2000 homes and businesses, including the hospital. UPI/Tom Uhlenbrock | License Photo
A car sits destroyed near Saint John's Hospital in Joplin, Missouri on May 23, 2011. Officials say the tornado cut a path a mile wide by four miles, destroying over 2000 homes and businesses, including the hospital and claiming 116 lives so far. UPI/Tom Uhlenbrock | License Photo
An American flag blows in the wind, attached to a downed limb, near a home that has been destroyed in Joplin, Missouri on May 23, 2011. Officials say the tornado cut a path a mile wide by four miles long, destroying over 2000 homes and businesses, including Saint John's Hospital. Officials also say 116 people have been found dead so far. UPI/Rick Meyer | License Photo
Cars are tossed about near Saint John's Mercy Hospital in Joplin, Missouri on May 23, 2011. Officials say the tornado which hit the town on May 22, cut a path a mile wide by four miles, destroying over 2000 homes and businesses, and claiming 116 lives so far. UPI/Tom Uhlenbrock | License Photo
JOPLIN, Mo., May 24 (UPI) -- The tornado that flattened much of Joplin, Mo., this weekend could cost insurance companies up to $3 billion, crisis consultants EQECAT Inc. said Tuesday.
The tornado that struck the city of 50,000 with winds up to 198 mph killed 116 people, making it the deadliest tornado in the United States since 1947.
No single tornado has killed more than 100 people since 1953, EQECAT said in a statement.
The tornado was registered as an EF4 storm, one level shy of the deadliest EF5 tornadoes that include wind speeds above 200 mph.
The storm that hit Joplin on Sunday, however, could still be upgraded as surveys of the damage continue.
Initial reports indicate 5,000 to 10,000 buildings have been damaged with 2,000 buildings destroyed.
EQECAT said the minimal bill for the storm would be in the range of $1 billion.
