Mass. Insurance Commissioner: 'Insurance Isn't Sexy' - NECN

Mass. Insurance Commissioner: 'Insurance Isn't Sexy'



    Mass. Insurance Commissioner: 'Insurance isn't sexy'

    One key to recovery for central and western Mass. following the 2011 tornadoes has been delivery on the promise of tornado-related insurance claims; Joe Murphy has a progress report (Published Thursday, Jan. 16, 2014)

    (NECN) - The devastating tornadoes that tackled western and central Massachusetts last year damaged or destroyed thousands of homes and businesses.

    Though disaster relief was strong, one key to recovery is the delivery on the promise of tornado related insurance claims.

    Here to provide a progress report is Joe Murphy, commissioner of the Massachusetts division of insurance.

    -    11,500 claims filed after the June 1 tornado have been paid
    -    Policyholders have received over $200 million dollars from carriers
    -    757 commercial claims have resulted in $32.4 million in payouts
    -    Massachusetts Department of transportation has directed $2.3 million dollars for road repairs in the region
    -    98-percent of all claims have been paid

    “In talking to my colleagues in Missouri following the Joplin tornadoes, I think the numbers in Massachusetts are consistent, in fact a little bit better than what we’re seeing in other parts of the country. Of course we’re still concerned about that remaining 2-percent. We’re doing all we can to assist those consumers,” Murphy says.

    A takeaway from this is: “Insurance isn’t sexy.”

    Murphy, however, says consumers should annually look at their policy to ensure they have appropriate coverage in place in the case of any disasters.

    For more on ongoing debris removal and why the remaining 2-percent are taking so much time, watch the attached interview.