Joplin tornado results in $1 billion in insurance payouts
A new report has been released regarding the cost of insurance payouts made to Missouri residents who were affected by the May 22 tornado.
According to the Missouri Department of Insurance, payouts have exceeded $1 billion, $462 million of which was for homeowners insurance claims. More than 8,000 residents have filed property claims and 800 more are expected to.
For private auto insurance claims, the MDI reports insurers received 6,530 claims, which totaled more than $54 million.
Overall, insurers received nearly 17,000 claims but insurers anticipate approximately 1,500 additional filings, according to the MDI.
"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 MDI. "One billion dollars paid in just over three months - roughly $10 million a day - marks a significant reinvestment in the Joplin community."
The National Oceanic and Atmospheric Administration recently released its final assessment report regarding the Joplin tornado, saying more steps need to be taken to ensure residents observe warnings about severe weather and stay safe.
Related Home Insurance Articles:
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- Researchers hope to better understand tornado damage May 22, 2012
- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
