Massachusetts tornado outbreak caused $90 million in damages just for homes

Last week, Massachusetts fell victim to an outbreak of violent tornados, causing $90 million in damage, according to Barbara Anthony, undersecretary of the Office of Consumer Affairs and Business Regulations. The tornados were focused in the Western region of the state, causing damage on an enormous scale. These recent figures, says Anthony, accounts only for the damage done to homes and does not factor auto and business claims. To date, more than 5,000 insurance claims have been filed, many coming from residential areas. More claims come in on a daily basis.…

Read More

Missouri insurance rates expected to go up

The past month has been trying for residents of Missouri. Storms late in April sent the Mississippi River on a rampage. Miles of farmland were inundated with water, causing billions in damage and displacing the state’s farmers. Those same storms were accompanied by an outbreak of tornados that tore through much of the region. The now infamous Joplin tornado – the most deadly and destructive tornado in six decades – that sundered a town and left hundreds without homes was the last of the environmental onslaught. Together, these disasters will…

Read More

Joplin tornado auto claims reach an estimated 18,000 so far

The devastating tornado that recently hit Joplin, Missouri not only destroyed hundreds of homes, but also took thousands of vehicles leaving residents in destitute. Springfield News-Leader reported that as of the 1st day of June, insurance claims for lost vehicles in Joplin have reached 9,000. This is indeed an enormous figure showing the devastation left by the tornado that recently wrecked havoc in this part of Missouri.  The number of victims trying to cope with the devastation brought by the tornado is increasing day by day in terms of transportation.…

Read More

Taking a look at the reinsurance market pulse as we head into hurricane season

We are now on the cusp of hurricane season. Storm predictions have called for “above average” activity this year; just as we roll out of record setting tornado activity over the last two months. The cushion of excess capacity is gone or nearly gone for most insurers and reinsurers. One more natural disaster could be the tipping point that leads to the turn in the (insurance) pricing cycle. We know capacity is just a part of the many aspects to take into account when evaluating the reinsurance sector. However, the…

Read More

Joplin tornado outbreak one of the most violent ever seen

Joplin, Missouri, is still reeling from a massive tornado that touched down late Sunday evening. The tornado is the deadliest since 1947, claiming 123 lives. That number is expected to rise, however, as rescue workers continue to sift through the wreckage. The insurance industry has responded well to the disaster, coming off the heels of April’s calamitous storms. EQECAT, a catastrophe modeling firm, has released their initial estimates of how much the disaster will cost insurers: $3 billion. Joplin stood directly in the path of the tornado, which first formed…

Read More