2011 Joplin Tornado Losses Could Reach $2B

State regulators say insurance claims from the May 2011 Joplin, Mo., tornado are likely to reach $2 billion.

The tornado killed 161 people, injured hundreds of others and damaged or destroyed thousands of homes and businesses.

The Joplin Globe reports that as of Oct. 31, insurance companies had paid out $1.65 billion on 19,870 private and commercial claims.

John M. Huff, director of the state’s insurance registration department, said he expects the claims to reach around $2 billion.

Huff says the department is no longer requiring monthly reports on claims submitted and paid by the state’s insurance companies. But he says the department continues to monitor the situation to be sure claims are being handled in a timely way.

Topics Catastrophe Natural Disasters Profit Loss Windstorm