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Missouri tornado insurance costs to reach $2 billion

Posted On Wed, September 7, 2011

A recent report from A.M. Best found that the costs of the insurance payouts for the Joplin, Missouri, tornado are nearing $2 billion, which would be the most expensive insurance event in the state's history.

Already, nearly $750 million has been paid out, through more than 16,000 claims. The majority of the money came from homeowners claims - more than $404 million spread over 7,600 claims. Nearly 2,000 claims were for commerical properties, which equalled approximately $290 million, and more than 6,500 private auto claims made up $43.5 million. There are still another 1,300 claims open.

"That's what insurers, as of the end of July, had paid and what they expect to pay," Robert Hartwig, spokesman for the Insurance Information Institute, told the Joplin Globe. "That's actual dollars disbursed, plus the dollars insurers have earmarked or put in reserve for Joplin claims. We do not expect the number to go much higher than that."

The figures could significantly change insurance quotes for those in the area in the future.

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