Property insurance losses from the deadliest U.S. natural catastrophe since Hurricane Katrina in 2005 are estimated at $2B to $5B, according to CAT modeling experts, prompting President Barack Obama on Friday to pledge federal aid to the tornado-ravaged U.S. South.

The deadly twisters took the lives of at least 339 people. Last Wednesday alone, there were more than 160 tornados that ripped a patch across seven states. The city of Tuscaloosa, Alabama was especially hard hit. Since the storms, the U.S. National Weather Service surveyed the event, classifying the largest tornado as an“EF-5.”

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