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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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.…

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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…

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Deadly Joplin tornado leaves town in pieces

A massive tornado brought havoc to Joplin Missouri this past weekend. As of Monday, the death toll is set at 116. City officials are calling the tornado the deadliest ever recorded since the National Weather Service began tracking such happenings 60 years ago.  The tornado, which touched down late Sunday evening, was classified as an EF-4 with winds exceeding 190mph. The damage is yet untold, but several neighborhoods have been utterly demolished. A state of emergency has been declared by Missouri Governor Jay Nixon. The event caught the attention of…

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