Damage Figures from Joplin Tornado Top $1B
Director of Missouris Department of Insurance expects total payments to approach $2 billion.
Insurance Networking News, September 19, 2011
Definitive statistics racking up catastrophe losses from the first half of the year have been painting for the public a reality that insurers have been living with for months, and the latest numbers adding to this are damage figures exceeding $1 billion in the wake of the tornado suffered on May 22 in Joplin, Mo.
Missouri’s Department of Insurance recently released insurance claims and payouts information, citing 16, 974 of an expected 18,433 claims have been received and $1.05 billion in payments have already been made.
"Joplin's recovery requires a solid public-private partnership, and the insurance industry is clearly leading the private sector efforts," said John Huff, director of the Missouri Department of Insurance. "$1 billion paid in just over three months - roughly $10 million a day - marks a significant reinvestment in the Joplin community."
Thus far, of the over $1 billion in payouts, over half is accounted for in commercial property and over 90% has gone toward property claims in general. Huff expects payments from the tornado will approach $2 billion once all insurance claims are settled.
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