Insurance Payments in Joplin, Missouri Recovery Top $1B

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Insurance payouts from the May 22 Joplin tornado have exceeded $1 billion, according to the Missouri Department of Insurance. Home, auto and commercial insurers have reported their preliminary claims and payment numbers as of Sept. 1, which are as follows:

Type	Claims received	Payments made	Claims expected
Homeowners	8,004	$462,015,156	8,851
Auto (private)	6,530	$54,310,402	6,968
Commercial property	1,873	$523,799,138	2,030
Commercial auto	301	$3,663,730	308
Other	266	$10,305,171	276
Totals	16,974	$1,054,093,597	18,433

“Joplin’s recovery requires a solid public-private partnership, and the insurance industry is clearly leading the private sector efforts,” said John M. Huff, director of the Missouri Department of Insurance. “$1 billion paid in just over three months — roughly $10 million a day — marks a significant reinvestment in the Joplin community.”

Huff expects payments from the tornado will approach $2 billion once all insurance claims are settled.

For consumers and businesses still facing challenges with insurance claims and rebuilding issues, the Department of Insurance is hosting a Recovery Roundup on Sept. 24 at Missouri Southern State University in Joplin. In addition to regulators from the department, insurance company representatives will be on hand, along with experts to assist with home and car loan questions, credit counseling, city building requirements and more.

Source: Missouri Department of Insurance

Topics Claims Missouri

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