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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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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