A Year After Joplin Tornado, $2.16B in Insurance Claims Paid
Exactly one year ago, on May 22, 2011, a massive tornado swept through Joplin, Missouri, generating $2.16 billion in insurance claims payouts to Missouri policyholders, according to an Insurance Information Institute (I.I.I.) analysis of data from ISO’s Property Claims Service (PCS) and other sources. The Joplin, Missouri, tornado was deemed an EF-5 on the Enhanced Fujita scale, and no tornado can be rated higher on this scale when it comes to wind strength and intensity. The National Oceanic and Atmospheric Administration (NOAA) called the Joplin tornado, “the largest and most powerful type, and it traveled 22 miles on the ground.”
The I.I.I. says about 61,000 insurance claims were filed in Missouri due to damages incurred between May 20 and May 27, 2011, leading to insurance policyholder payouts totaling $2.16 billion. Nearly two-thirds ($1.39 billion, or 64 percent) of these monies went to commercial policyholders, even though the businesses themselves constituted only eleven percent of the tornado-related Missouri claims in late May 2011. Missouri’s homeowners received $675 million, or 31 percent of the claim payouts, and auto insurance policyholders the remaining $100 million, or five percent of the total.
Read more on the insurance claims in Joplin Missouri: One Year After Joplin Tornado (Insurance Journal 5/22/12)
Read more on the Missouri tornado insurance costs: Joplin Twister Was Costliest Since 1950 (Insurance Journal 5/21/12)