Joplin storm insurance payments top $1 billion

JEFFERSON CITY, Mo. -- Insurance payouts have now topped $1 billion for the tornado that hit Joplin earlier this year. And that number is expected to double by the time all the claims are settled. The Missouri insurance department said Tuesday that more than $1 billion of payments had been made on nearly 17,000 claims as of Sept. 1 on home, auto and commercial insurance policies. Those figures come from preliminary reports submitted by insurers.

The state agency has said it expects total insurance payments for the May 22 tornado to eventually reach around $2 billion.

The tornado killed 160 people in the Joplin area and damaged or destroyed about 8,000 homes and businesses.