Missouri Regulators Update Tornado Insurance Claim Data

Missouri insurers paid out more than $200 million in the first two weeks of July on claims filed in the wake of the Joplin tornado, new data released by the Missouri Department of Insurance show.

The department released updated figures on Monday that help quantify the economic damage done by the May 22 tornado.

They show that more than $745 million has been paid out on the more than 16,600 claims filed after the tornado struck the city. That payment sum has increased by more than $230 million since the department last reported claims data at the end of June.

Department director John M. Huff called the recovery “the largest insurance event in Missouri history” and said he expects claims payments to total nearly $2 billion.

Joplin insurance dataWhile Missouri auto insurance claims accounted for about 40 percent of the total claims count, they accounted for only 6 percent of the total amount paid.

The average auto claim was about $6,700. Most were likely filed under the comprehensive portion of a policy, which covers physical damage to an insured auto as the result of adverse weather.

The majority of claims received and payments made were under homeowners coverage. That type of insurance has seen 7,600 claims filed, with payments coming in at more than $404 million.

Insurers expect to see about 1,300 additional claims to be filed.

About Ben Zitney
Benjamin Zitney has been covering the auto insurance industry for the past 2.5 years. Before coming to Online Auto Insurance News, he produced an extensive company history of the 30-year-old California Joint Powers Insurance Authority and worked at the Cal State Long Beach Daily Forty-Niner as a reporter, copy editor and news editor.

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