Definitive statistics racking up catastrophe losses from the first half of the year have been painting for the public a reality that insurers have been living with for months, and the latest numbers adding to this are damage figures exceeding $1 billion in the wake of the tornado suffered on May 22 in Joplin, Mo.
Missouri’s Department of Insurance recently
"Joplin's recovery requires a solid public-private partnership, and the insurance industry is clearly leading the private sector efforts," said John Huff, director of the Missouri Department of Insurance. "$1 billion paid in just over three months - roughly $10 million a day - marks a significant reinvestment in the Joplin community."
Thus far, of the over $1 billion in payouts, over half is accounted for in commercial property and over 90% has gone toward property claims in general. Huff expects payments from the tornado will approach $2 billion once all insurance claims are settled.