Missouri tornado insurance claims could top $139 million

Insured commercial property losses from Missouri tornadoes in May reached $16.4 million as of June 30, with total insured losses expected to reach at least $139 million, the Missouri Department of Insurance, Financial Institutions & Professional Registration reported Thursday.

Commercial auto losses totaled $602,544, while business interruption losses totaled $310,117, out of the total of $53.8 million in losses paid on commercial and personal claims paid thus far, the department said in the report.

The report said 60% of all claims have been closed.

Insurers are on the hook for a multibillion-dollar payout as a result of severe convective storms across much of the United States in May including more than 362 tornadoes — the highest tally for this month since 2015, according to a report issued by Aon PLC. last month.