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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