August 15, 2011

Missouri Department of Insurance: $745 million in claims paid toward Joplin recovery

$400 million paid for homeowners claims

Jefferson City, Mo. - In the eight weeks after the tornado, insurance companies serving consumers in the Joplin area had paid more than $745 million in claims for residential, personal and commercial property damaged by the EF-5 tornado that struck May 22. The insurance companies have reported their preliminary claims and payment numbers as of July 15 to the Missouri Department of Insurance, which are as follows:

Type

Claims received

Payments
made

Claims
expected

Homeowners

7,600

$404,230,953

8,285

Auto (private)

6,623

$43,500,503

7,051

Commercial property

1,902

$289,639,497

2,049

Commercial auto

270

$2,718,375

279

Other

261

$5,292,818

279

Totals

16,656

$745,382,146

17,943

"The insurance industry's role in Joplin's recovery continues to be commendable, paying claims toward what will be the largest insurance event in Missouri history," said John M. Huff, director of the Department of Insurance. "$745 million in eight weeks is a significant reinvestment into the local economy."

He says when all claims are closed, payments are likely to approach $2 billion.

Huff says at this point, most insurance claims that are still open may be some of the more difficult ones to resolve. He encourages consumers who need assistance with personal or commercial claims to contact the Department of Insurance.

Department employees continue to staff the State of Missouri Resource, Recovery & Rebuilding Center since it was opened by Gov. Jay Nixon on June 7.  The center is located at 705 Illinois Ave., Building A, Suite 12 in Joplin.

Consumers can contact the department at insurance.mo.gov or call the Insurance Consumer Hotline at 800-726-7390.

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

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