Missouri's Department of Insurance reached out to insurance carriers in the state to determine the number of claims filed related to the tornado damage, and the amount of money of the settlements of those claims, after tornadoes ravaged several areas of the state including Missouri's capitol in May.
According to the data submitted by the reporting insurance companies, insured losses are expected to reach at least $139 million.
Across the industry and types of insurance, it appears that just over 60 percent of claims have been closed, with nearly 70 percent of residential property claims closed to date, according to the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP).
Losses totaled $54 million with 4,891 claims reported through June 30, 2019:
— Residential Property had 2,901 claims reported with $29.3 million in losses paid.
— Commercial Property had 517 claims reported with $16.4 million in losses paid.
— Business Interruption had 33 claims reported with $319,117 in losses paid.
— Personal Auto had 1,212 claims reported with $5.8 million in losses paid.
— Commercial Auto had 102 claims reported with $602,544 in losses paid.
— All other lines had 126 claims reported with $1.4 million in losses paid.
“I want to thank the Missouri insurance industry for their immediate response to the needs of the consumers in our state following the tornado events in May,” said Chlora Lindley-Myers, Director of the Department of Insurance, Financial Institutions and Professional Registration. “Their immediate actions have played a crucial role in helping those affected recover from their losses and resume their lives."