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| | Insurance Claims Payout For Joplin, Missouri Recovery Tops $1 Billion
By Lonce LaMon - September 14, 2011
Insurance claims paid, so far, as a consequence of the Joplin, Missouri tornado which hit the town on May 22, 2011, have now exceeded $1 billion, according to the Missouri Department of Insurance.
"Joplin's recovery requires a solid public-private partnership, and the insurance industry is clearly leading the private sector efforts. One billion dollars paid in just over three months - roughly $10 million a day - marks a significant reinvestment in the Joplin community," said John Huff, director of the Missouri Department of Insurance.
Home, auto and commercial insurers have reported their preliminary claims and payment numbers as of Sept. 1, which are as follows:
Type: Homeowners
Claims Received: 8,004
Payments Made: $462,015,156
Claims Expected: 8,851
Type: Auto (private)
Claims Received: 6,530
Payments Made: $54,310,402
Claims Expected: 6,968
Type: Commercial property
Claims Received: 1,873
Payments Made: $523,799,138
Claims Expected: 2,030
Type: Commercial auto
Claims Received: 301
Payments Made: $3,663,730
Claims Expected: 308
Type: Other
Claims Received: 266
Payments Made: $10,305,171
Claims Expected: 276
Totals
Claims Received: 16,974
Payments Made: $1,054,093,597
Claims Expected: 18,433
John Huff's expectation is for insurance claims paid to approach 2 billion dollars once all are settled. He encourages consumers to contact the Department of Insurance if they need assistance with their claims.
The Missouri Department of Insurance is hosting a Recovery Roundup on Sept. 24th at Missouri Southern State University in Joplin. Both regulators from the Department of Insurance and insurance company representatives will be there and available, along with experts to assist with home and car loan questions, credit counseling, city building requirements and more.
The Missouri Department of Insurance is on the web at: insurance.mo.gov and the Consumer Hotline is at 800-726-7390.
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