There goes the Loss Ratios again. Companies will use this tragedy to raise rates throughout the region just like they did after Joplin. I wonder if State Farm had re-insurance this time. They got killed after Katrina and had to take the whole thing.
Yes, Farmers has always had a big presence in Oklahoma. In fact, the big three of SF, Farmers & Allstate will feel the heaviest brunt of losses, but the other carriers will also see their loss ratio go to pot as well. I do see good stories about the disaster teams from companies getting financial aid to the victims fast and in a lot of cases, all they have to do is give them the total loss for the property and reserve an amount for Loss of Use. They are paying for temporary living expenses already. Unlike Sandy, there appears to not be the same “red tape” on the loss.
There goes the Loss Ratios again. Companies will use this tragedy to raise rates throughout the region just like they did after Joplin. I wonder if State Farm had re-insurance this time. They got killed after Katrina and had to take the whole thing.
SF didn’t have reinsurance for Andrew in 1992 either. I guess they can take the hit. They may also have some life insurance losses.
Looks like Farmers will be hit by this loss as well.
Yes, Farmers has always had a big presence in Oklahoma. In fact, the big three of SF, Farmers & Allstate will feel the heaviest brunt of losses, but the other carriers will also see their loss ratio go to pot as well. I do see good stories about the disaster teams from companies getting financial aid to the victims fast and in a lot of cases, all they have to do is give them the total loss for the property and reserve an amount for Loss of Use. They are paying for temporary living expenses already. Unlike Sandy, there appears to not be the same “red tape” on the loss.