Auto Insurance Cos. Update Storm-Related Claims Payment Counts

Regulators of the Ohio and Massachusetts auto insurance markets both released this week updated numbers that help quantify the damages caused by tornadoes in late May and early June, with each reporting tens of millions of dollars in auto losses.

Missouri regulators said that insurance companies in the state have already received 5,846 private passenger auto (PPA) claims and expect to receive another 700. For the PPA claims that already have been received, insurers have paid out more than $34.2 million.

The director of the state’s Department of Insurance, John Huff, said the Joplin tornado “will be the largest insurance event in Missouri history.”

For all lines of coverage, Missouri has reported more than $509 million in claims payments.

The tornadoes that touched down in Western and Central Massachusetts did not cause quite as much damage, but the destruction was still very large.

State regulators reported that, as of June 17, about 3,500 car coverage claims had been filed, amounting to $20 million in damages. Between June 16 and June 29, the total claim amount from the storm went up by $5 million.

The size of the average claim payment — which was likely filed under the comprehensive portion of a policy —for both states was $5,784.

About Matthew Morisset
Matthew Morisset is a proud alumnus of the University of Redlands, where he obtained a degree in English Literature. Utilizing his passion for analysis and writing, Matthew looks for important trends in the auto insurance industry and their implications for consumers and the market as a whole.

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