google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0
More

    May 2019 Tornadoes in Missouri Caused Nearly $190M in Insured Losses


    The May 2019 tornadoes that ravaged several parts of Missouri caused significant damage to both residential and commercial properties, and resulted in close to $190 million in insured losses, the state Department of Commerce and Insurance reported.

    The department has been tracking the number of claims filed in the state, related to the tornado damage, and the dollar amounts of the settlements of those claims.

    Although early estimates were predicted to reach at least $139 million, the final data submitted by the reporting insurance companies indicates the insured losses reached nearly $190 million.

    Most tornado claims were closed by June of this year, including 98 percent of homeowners claims and 99 percent of personal auto claims.

    A higher percentage of commercial property claims, which are often far more complex than personal claims, remained open.

    The following data reflects the losses through June of 2020. This was considered the last scheduled filing and the final numbers related to that event.

    Line of Business Clms Reported Closed W/ Pmt Closed w/out Pmt Losses Paid Losses Incurred % Closed % Closed Without Pmt
    Residential Property 3,780 2,759 947 $57,071,451 $58,871,827 98.0% 25.6%
    Commercial Property 785 522 152 $63,845,128 $89,268,628 85.9% 22.6%
    Business Interruption 58 40 9 $4,327,627 $5,247,653 84.5% 18.4%
    Personal Auto 1,338 1,162 163 $8,271,432 $9,202,142 99.0% 12.3%
    Commercial Auto 161 109 30 $18,127,216 $18,249,557 86.3% 21.6%
    All Other Lines 340 197 73 $8,252,644 $8,796,829 79.4% 27.0%
    Totals 6,462 4,789 1,374 $159,895,498 $189,636,636 95.4% 22.3%

    Source: Missouri Department of Commerce and Insurance

    Related:

    Was this article valuable?


    Here are more articles you may enjoy.

    The most important insurance news,in your inbox every business day.

    Get the insurance industry’s trusted newsletter



    Source link

    Recent Articles

    $3,500 Rentals in and Near Los Angeles

    To provide a resource for those displaced by the Los Angeles fires, this edition of “What You Get” focuses on rentals rather than...

    Inflation Ticked Up in December, Fed’s Preferred Measure Shows

    The Federal Reserve wants to see more evidence that inflation is easing before resuming interest rate cuts. The latest data presented a mixed...

    Tri-State Region Blood Center Hit With Ransomware Attack

    One of the country’s largest blood donor and research centers has suffered a ransomware attack. The...

    Mortgage Rates vs. Tariffs: What’s the Impact?

    I knew I was going to have to write this post at some point during Trump’s second term.And here we are, only 10...

    Frantic bidding war “like television” in the first day of February auctions

    One of Brisbane’s first February auctions saw nearly a dozen bidders scramble for a renovated 1950s home — only for the winner to...

    Related Stories

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    Stay on op - Ge the daily news in your inbox

    google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0
    google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0