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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Joplin tornado may cost insurance companies up to $2 billion
Director John M. Huff from the Missouri Department of Insurance announced that the EF-5 tornado in Joplin may have been the “largest insurance event” in the history of the state, and it will cost insurers up to $2 billion in payments. As a result of the tornado that hit Joplin on May 22, 2011, insurance companies have already made payments of over $500 million on the resulting claims. That total is expected to grow, and some experts – including Huff – are predicting that the final number will be three…
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