July 10, 2019

Insured losses following May tornadoes in Missouri predicted to reach at least $139 million

In May of this year, tornadoes ravaged several areas of the state, including Missouri’s capitol city. The Missouri 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 dollar amounts of the settlements of those claims.

According to the data submitted by the reporting insurance companies, insured losses are expected to be at least $139 million dollars. 

Across the industry and types of insurance, it appears that just over 60% of claims have been closed, with nearly 70% of residential property claims closed to date.

The following data reflects losses through 6-30-2019:

Type of Insurance

Claims Reported

Losses Paid

Residential Property

2,901

$29,312,127

Commercial Property

517

$16,397,508

Business Interruption

33

$319,117

Personal Auto

1,212

$5,795,629

Commercial Auto

102

$602,544

All Other Lines

126

$1,368,996

Totals

4,891

$53,795,921

 

“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.”

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

###