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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