INSURANCE COMPANIES PAY $1.6 BILLION FOR DERECHO DAMAGE IN IOWA

Insurance companies pay $1.6 billion for derecho damage in Iowa

The Iowa Insurance Division says it has paid $1.6 billion in insurance payouts for damages caused by a rare wind storm that blew through the state in August. The agency said Monday (11/9) that insurance companies paid nearly 160,000 claims as of Nov. 2. The companies are holding more than $1 billion more in reserves for future claims for damages from the derecho, which carried winds up to 140 mph (225 kph). Iowa Insurance Commissioner Doug Ommen said in a news release that his office has received just over 90 complaints out of more than 200,000 insurance claims filed about derecho-related damages.

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