Tornado has cost insurance $2.2 billion in Joplin
Wednesday, August 31, 2011
JOPLIN, Mo. (AP) — The tornado that devastated Joplin in May is expected to cost insurance companies about $2.2 billion.
Property Claims Services, which determines insurance payouts for catastrophes, said Tuesday that figure includes payouts already made and projected payouts for the May 22 tornado.
The Joplin Globe reports (http://bit.ly/pp4Pp3 ) that insurance officials say the payouts aren’t expected to go much higher than $2.2 billion.
As of July 15, the Missouri Department of Insurance had received 16,656 claims for insurance coverage. The department says insurance companies had made payments of $745.3 million, but nearly 1,300 claims had not been resolved.
Of that amount, more than $404 million was paid to homeowners who had filed 7,600 claims. And more than $289 million was paid for 1,902 claims related to commercial property.
Information from: The Joplin Globe, http://www.joplinglobe.com