Missouri insurance regulators say insured losses following May tornadoes in that state are predicted to reach $139 million or more.
Tornadoes ravaged several areas of the state in May, including Missouri’s capitol city. The Missouri Department of Insurance reached out to insurance carriers in the state to determine the number of claims filed, related to the tornado damage, and the dollar amounts of the settlements of those claims. According to the data submitted by the reporting insurance companies, insured losses are expected to be at least $139 million.
Across the industry and types of insurance, it appears that just over 60% of claims have been closed, with nearly 70% of residential property claims closed to date.
The following data reflects losses through 6-30-2019:
|Type of Insurance||Claims Reported||Losses Paid|
|All Other Lines||126||$1,368,996|
“I want to thank the Missouri insurance industry for their immediate response to the needs of the consumers in our state following the tornado events in May,” Chlora Lindley-Myers, director of the Department of Insurance, Financial Institutions and Professional Registration, said in the department’s announcement. “Their immediate actions have played a crucial role in helping those affected recover from their losses and resume their lives.”
Source: Missouri Department of Insurance
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