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, November 3, 1994
Farmers Maintains New-Policy Freeze in Battle With State;
By: From Times Staff and Wire Reports
Without the increase, Broughton said, "there's no way we're going to be writing any new business" in California.
Citing industrywide losses of $10 billion or more from the Jan. 17 Northridge earthquake, nearly all of the state's largest insurers have restricted their writings of homeowners and earthquake coverage.
Broughton, in a separate interview Wednesday with Dow Jones Investor Network, said he
thinks Farmers' current quake loss estimate of $1.35 billion "is actually slightly
optimistic because we are now seeing quite
A Farmers spokesman said the estimate is being reviewed as claims are paid and that
there is a chance it could be revised upward.
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