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…

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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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Insurers will make over $2.2 billion in payments for Joplin claims

To date, insurers have made more than $2 billion in payments to cover claims relating to the tornados in Joplin. According to the organization that assembles catastrophe insurance loss predictions, Property Claims Services, the total payouts for the Joplin disaster should pass the $2.2 billion mark. Insurance Information Institute spokesperson, Robert Hartwig, said that this amount is where the numbers from the payments are headed, and it is what insurers are expecting to have to pay. This includes “actual dollars disbursed, plus the dollars insurers have earmarked or put in…

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Missouri Department of Insurance says Joplin disaster will be the most costly insurance payout in state history

Joplin Tornado

In late May, a small town in Missouri known as Joplin was ravaged by a powerful tornado. The damage caused to the town left many without homes or work and proved to be the most costly disaster in the state’s history. Federal agencies, insurance companies and emergency services rallied together to help those in need and steer the city toward recovery, but the road is long and the costs of recovery continue to mount. Officials with the Missouri Department of Insurance now say that the disaster is responsible for the…

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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.…

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