Insurance News

July 09, 2020

Insured losses following May 2019 tornadoes in Missouri reached nearly $190 million


The May 2019 tornadoes that ravaged several parts of Missouri caused significant damage to both residential and commercial properties. The Department of Commerce and Insurance has been tracking the number of claims filed in the state, related to the tornado damage, and the dollar amounts of the settlements of those claims.

Although early estimates were predicted to reach at least $139 million, the final data submitted by the reporting insurance companies indicates the insured losses reached nearly $190 million. Most tornado claims were closed by June of this year, including 98 percent of homeowners claims and 99 percent of personal auto claims. A higher percentage of commercial property claims, which are often far more complex than personal claims, remained open.

The following data reflects the losses through June of 2020. This was considered the last scheduled filing and the final numbers related to that event.

Line of Business

Clms Reported

Closed W/ Pmt

Closed w/out Pmt

Losses Paid

Losses Incurred

% Closed

% Closed Without Pmt

Residential Property

3,780

2,759

947

$57,071,451

$58,871,827

98.0%

25.6%

Commercial Property

785

522

152

$63,845,128

$89,268,628

85.9%

22.6%

Business Interruption

58

40

9

$4,327,627

$5,247,653

84.5%

18.4%

Personal Auto

1,338

1,162

163

$8,271,432

$9,202,142

99.0%

12.3%

Commercial Auto

161

109

30

$18,127,216

$18,249,557

86.3%

21.6%

All Other Lines

340

197

73

$8,252,644

$8,796,829

79.4%

27.0%

Totals

6,462

4,789

1,374

$159,895,498

$189,636,636

95.4%

22.3%

 

E-mail: news@dci.mo.gov
Phone: (573) 751-2562

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