Tag: missouri department of insurance

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

Marc
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 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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Missouri insurance rates expected to go up

S.Vagus

The past month has been trying for residents of Missouri. Storms late in April sent the Mississippi River on a rampage. Miles of farmland were inundated with water, causing billions in damage and displacing the state’s farmers. Those same storms were accompanied by an outbreak of tornados that tore through much of the region. The now infamous Joplin tornado – the most deadly and destructive tornado in six decades – that sundered a town and left hundreds without homes was the last of the environmental onslaught. Together, these disasters will…

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