The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…
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Insurance rates in Missouri to rise after troublesome year of natural disasters.
Missouri residents can expect to see higher rates for their homeowners insurance in the coming months thanks to the major disaster that struck the town of Joplin early last year. On May 22, 2011, a massive tornado rolled through Joplin, causing unprecedented damage throughout the town causing many businesses to shut down and leaving nearly a third of the town uninhabitable. The tornado cost the state millions of dollars in insured losses, and now insurers are looking to recovery some of that money. Several insurers have proposed rate hikes between…
Read MoreNew Missouri laws could help residents and insurers during natural disasters
New insurance laws have been enacted in the state of Missouri this week. The laws come as a result of several devastation storms that ravaged parts of the state earlier this year. State insurance regulators say that the laws will afford new protections to residents concerned with damages caused by storms. The laws will also protect residents against opportunistic contractors with less-than-altruistic motives. Insurers will also benefit from the laws as it will enable them to better assist in the recover process. The first law, Senate Bill 101, will bar…
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