Tornado Has Cost Insurers $2.2 Billion in Joplin, Mo.

September 1, 2011

The tornado that devastated Joplin in May is expected to cost insurance companies about $2.2 billion.

Property Claims Services, which determines insurance payouts for catastrophes, said Tuesday that figure includes payouts already made and projected payouts for the May 22 tornado.

The Joplin Globe reports that insurance officials say the payouts aren’t expected to go much higher than $2.2 billion.

As of July 15, the Missouri Department of Insurance had received 16,656 claims for insurance coverage. The department says insurance companies had made payments of $745.3 million, but nearly 1,300 claims had not been resolved.

Of that amount, more than $404 million was paid to homeowners who had filed 7,600 claims. And more than $289 million was paid for 1,902 claims related to commercial property.

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