The "Farmers Insurance News-Alert" website is dedicated to providing the consumer and general public with detailed information concerning the Farmers Insurance Group. This includes fraud reports, consumer complaints, lawsuit's and other legal actions taken against this company. All information contained herein is for educational purposes only. Original sources, when known are sited.
|Thursday, June 8, 1995
State OKs Farmers' Plan to Raise Quake
Insurance Prices; Underwriting: Quackenbush allows 138% average increase, exceeding
By: THOMAS S. MULLIGAN
Quackenbush signed the approval order last Friday, partially overruling an administrative law judge who had recommended a 121% rate hike.
Farmers, like other major insurers, has virtually stopped writing new homeowners insurance in California, fearing additional exposure to earthquake losses. State law requires companies that sell homeowners insurance to also offer earthquake insurance.
After losses estimated at $1.7 billion from the Northridge earthquake, Farmers' financial strength ratings were downgraded by major ratings agencies.
Quackenbush's approval of the new rate plan would enable
Farmers to begin "a selective return to writing new homeowners business in California
on a limited basis," the company said in a statement Wednesday. But it did not say
when, and a spokesman declined to go beyond the statement.
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Earthquake insurance rates--Farmers
Insurance Group said it
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