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Missouri Department of Insurance receives nearly 7,000 claims after Good Friday tornadoPosted On Tue, May 3, 2011
Late last week, catastrophe-risk modeling company EQECAT reported the home insurance industry will likely sustain losses of between $2 billion and $5 billion after all the claims have been given out to families recovering from last month's tornado outbreak. Numbers released by the Missouri Department of Insurance may be a sign of things to come.
According to the MDI, it has received nearly 7,000 claims after a tornado struck multiple communities on Good Friday.
MDI said the brunt of the claims have been home insurance at 4,490 in all, but at 2,245, auto insurance claims have been high as well. A couple of hundred commercial property claims have been made, totaling 240 in all.
"Missouri consumers and insurers have acted quickly to assess property damage and get claims filed," said John Huff, director of the MDI. "Our department will continue to monitor developments to make sure that consumers are receiving their benefits they're due under their insurance policies."
Some homeowners are fearful that home insurance companies will not be able to satisfy everyone's claims, but insurers are confident that clients' financial needs will be met.
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