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| | Joplin, Missouri May 22nd Tornado Damage Reaches One Half Billion Dollars In Insurance Claims, Thus Far By Lonce LaMon - July 14, 2011
This past Spring produced a devastating tornado season in the Midwest and the South of the U.S., and the tornado that hit Joplin, Missouri on May 22nd 2011 was the deadliest storm of all the storms, killing more than 150 people and leaving many more than that count wounded.
The Missouri Department of Insurance reported homeowners’ insurance companies have so far paid out over $311 million on more than 7,000 claims, though that total is expected to reach more than 8,000. The department added nearly 6,000 private auto insurance claims were reported, totaling $34 million, while claims for commercial property and auto insurance combined topped $159 million.
In total, insurance companies paid out $509 million in claims, said the report.
"This will be the largest insurance event in Missouri history, and these numbers confirm that the insurance industry is playing a vital role in Joplin's recovery," said John Huff, director of the Missouri Department of Insurance. "This is half a billion dollars already reinvested into the local economy, and we expect it to be three to four times that amount by the time all claims are settled."
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