September 13, 2011

Missouri Department of Insurance: Insurance payments in Joplin recovery top $1 billion

Jefferson City, Mo. - Insurance payouts from the May 22 Joplin tornado have now exceeded $1 billion, according to the Missouri Department of Insurance. Home, auto and commercial insurers have reported their preliminary claims and payment numbers as of Sept. 1, which are as follows:

Type

Claims received

Payments
made

Claims expected

Homeowners

8,004

$462,015,156

8,851

Auto (private)

6,530

$54,310,402

6,968

Commercial property

1,873

$523,799,138

2,030

Commercial auto

301

$3,663,730

308

Other

266

$10,305,171

276

Totals

16,974

$1,054,093,597

18,433

"Joplin's recovery requires a solid public-private partnership, and the insurance industry is clearly leading the private sector efforts," said John M. Huff, director of the Missouri Department of Insurance. "$1 billion paid in just over three months - roughly $10 million a day - marks a significant reinvestment in the Joplin community."

Huff expects payments from the tornado will approach $2 billion once all insurance claims are settled. He also encourages consumers to contact the Department of Insurance if they need assistance with their claims.

For consumers and businesses still facing challenges with insurance claims and rebuilding issues, the Department of Insurance is hosting a Recovery Roundup on Sept. 24 at Missouri Southern State University in Joplin. In addition to regulators from the department, insurance company representatives will be on hand, along with experts to assist with home and car loan questions, credit counseling, city building requirements and more.

Consumers with questions or complaints 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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