Joplin tornado could cost insurers as much as $2 billion, say regulators

Several months have passed since a devastating tornado struck the city of Joplin, Missouri. The tornado was classified as an F-5, the highest classification of tornado, causing an unprecedented level of damage to the small city. The natural disaster struck a heavy blow against the insurance industry which has, to date, paid out more than $1 billion in claims. This number, however, is expected to double by the time insurers settle all outstanding claims, according to the Missouri Insurance Department. The Joplin tornado was one of the worst natural disasters…

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