Severe weather in southern regions of the United States spawned hundreds of tornadoes last week, killing at least 340 people in six states, causing power outages and infrastructure damage, and likely causing billions of dollars of insured losses, according to reports. Several communities had strong winds, heavy rain, and large hail.

The natural catastrophe is being described as the second deadliest single-day tornado outbreak in U.S. history, surpassed only by an event on March 18, 1925, which killed nearly 750 people.

Also last week, flood waters rose to dangerous levels along the Mississippi River, threatening residents in states from Illinois to Louisiana. President Obama declared regions in Mississippi, Tennessee, and Kentucky disaster areas, making them eligible for federal help with relief efforts.

Loss of critical functions caused by natural or man made hazards can impact a company's market share, profits, growth rate, shareholder value, sales volumes, and corporate reputation.

“Marsh’s Claims Practice has set up a CAT Code in our proprietary claims management reporting platform system,” noted Paul McVey, Property Claims Practice Leader for Marsh's Claims Practice. “The system allows us to track volume of our client claims activity and immediate direct claims reporting to insurers. It also allows for an “escalation” process for large losses that may need senior claims management direct involvement.

McVey added, “If any of our clients have sustained physical damage or even business impact due to the severe storms that have decimated large portions of the South and Midwest, they should immediately report to their broker claims representative or client executive.”

For real-time research and forecasts of natural catastrophes, please refer to Guy Carpenter's Cat Central bulletins.