Severe Storm System Brings Devastation: At Least 42 Dead, Power Outages, Widespread Damage Reported

At least 42 people have died due to a storm system that devastated the Midwest and South over the weekend. The powerful weather event left multiple states grappling with damage caused by dust storms, wildfires, heavy rain and tornadoes.

At least 52 tornadoes swept across seven states, including Illinois, Indiana, Missouri, Arkansas, Mississippi, Alabama and Louisiana, according to AccuWeather.

The National Weather Service confirmed multiple tornadoes touched down, including at least eight in Mississippi. The official numbers are expected to rise as more damage is assessed. The most powerful twister was an EF-4 recorded in Jackson County, Arkansas.

The same weather system also sparked wildfires in Texas and Oklahoma, resulting in at least four deaths. A dust storm in Kansas led to a highway pileup involving 71 vehicles that claimed eight lives.

Nearly 1,100 flights were canceled between Friday and Saturday. As of Monday morning, over 120,000 customers were without power across several states, according to PowerOutage.us.

As the storm system moves off the East coast, communities and businesses will begin clean-up and recovery efforts.

Stocks To Watch: Insurance companies with exposure to the South and Midwest should be monitored as damage and loss assessments are completed and storm victims begin to file claims.

The Travelers Companies, Inc. TRV operates several affected states including Alabama, Georgia, Illinois, Missouri, Tennessee and Texas.

Progressive Corp. PGR has a significant market presence in Illinois, Missouri and Texas.

Allstate Corp. ALL also offers coverage across the Midwest and South, focusing on auto, home and other personal lines of insurance.

Investors can also monitor the insurance industry through the SPDR S&P Insurance ETF KIE which tracks the S&P Insurance Select Industry Index and invests in various types of insurance companies.

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