NEW YORK (AP) — Major insurance companies were among the hardest hit stocks as the broader markets fell Tuesday, after a report indicated that the killer tornadoes and severe storms that ravaged the U.S. may cause up to $2 billion in insured losses.

An estimated 30 tornadoes with winds of more than 110 mph ripped through the Midwest and South on Friday, killing at least 40 people. Snow followed in several of the hardest hit states, adding difficulty to the recovery efforts.

All told, more than 150 tornadoes touched down, mainly in Tennessee, Kentucky, Indiana, Illinois, and Alabama, since Feb. 28, in what the Monday report by the risk modeling firm Eqecat Inc. called, "An unusually strong extra-tropical cyclone spawning a months-worth of tornadoes in two days."

There have been 272 tornadoes, blamed for 49 deaths, so far this year. That's well above average, Eqecat said.

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