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Insurance Payouts From Joplin Tornado to be Largest in State's History

As of June 30 insurance companies have paid over $509 million in claims for residential, personal and commercial property damage from the May 22 tornado...
August 3, 2011

As of June 30 insurance companies have paid over $509 million in claims for residential, personal and commercial property damage from the May 22 tornado that tore through Joplin, Missouri, making it the largest insured catastrophe in the state's history. The state insurance department estimated claim payouts ultimately will total between $1.5 billion and $2 billion. Insurance Department Director John Huff said these numbers show that the insurance industry is playing a vital role in Joplin's recovery, with half a billion dollars already reinvested in the local economy and likely three to four times that amount when all claims are settled. Meanwhile, the insurance department has received 734 complaints since the tornado, with 444 of them from homeowners. Of those complaints, 695 have been closed and nearly $1 million recovered.

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