At Issue: Bloomington, Ill.-based State Farm Mutual Automobile Insurance Co. has reported a $5 billion net loss since 2001 resulting from a series of natural disasters-from hailstorms to floods. Much of the damage has occurred in Texas where State Farm faces a significant number of homeowners claims involving the formation of mold.The Task: To insulate itself from further significant losses, State Farm announced a sweeping plan to temporarily suspend writing new homeowners policies in 17 states where business has been unprofitable.
Additionally, the carrier reveals plans to exit the non-profitable New Jersey auto insurance market entirely over the next five years.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access