Insurance companies' tally for Joplin tornado claims could be $2 billion

Friday, July 1, 2011

JEFFERSON CITY, Mo. -- Insurance companies already have paid out more than $500 million in claims for a deadly tornado that struck Joplin, Mo. But the final total could grow to three or four times that amount.

The state insurance department said Thursday that insurance companies have reported receiving 14,910 claims on homeowners, commercial and vehicle insurance policies so far. They have paid out $509 million on those claims.

But the state agency says insurance companies expect total claims from the May 22 tornado to reach nearly 17,000.

State insurance director John Huff said the Joplin tornado will be the largest insurance payout in Missouri history. The state agency said it expects insurance companies ultimately will pay between $1.5 billion and $2 billion in claims.

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