Claims News Service, May 25, 3:12 p.m. EDT -- A report issued yesterday from the Kansas Department of Insurance estimates that insured property losses from a devastating tornado on May 4, 2007, will top more than $153 million. Despite the scope of losses, though, customer satisfaction has stayed high.
The storm, which was reportedly a mile-wide across its base, killed 10 people and leveled the small town of Greensburg, Kan., which only had a population of 1,500 people. The town is located in south-central section of the state.
According to Kansas Insurance Commissioner Sandy Praeger, 33 insurers representing approximately 85 percent of the top volume writers of the property insurance market in Kansas have already paid $82 million of insured property losses. Praeger also reported that 80 percent of affected policyholders received emergency funds within seven days of the storm, and only one official complaint has been reported out of the 1,900 claims made so far.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
