Disastrous Spring Costing Missouri Billions of Dollars
A month packed with tornadoes and flooding has caused billions of dollars of damage in Missouri, and the economic effects may be felt for years.
Experts say insurance premiums are likely to increase for home and vehicle owners in Missouri. Restaurants and retail shops in flooded areas are likely to see lower sales. Utility rates are likely to rise following a deadly tornado in Joplin. And Missouri’s budget now is tens of millions of dollars deeper in the hole, which could force cuts to government services and schools.
Missouri may be an extreme example. But it’s far from alone this spring. The recent tornado in Joplin and a series of twisters that ravaged the South are estimated to have caused a combined insurance loss of up to $8 billion.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- Farmers to Resume Offering Key Lines of Business Insurance in California
- Popular SC Country Music Venue Shuts Down Due to Liquor Liability Insurance Costs
- Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B
- Buffett’s Berkshire Reveals $6.7 Billion Stake in Insurer Chubb