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Tornado has cost insurance $2.2 billion in Joplin

Tornado has cost insurance $2.2 billion in Joplin

August 31st, 2011 in News

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.

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Information from: The Joplin Globe, http://www.joplinglobe.com