![]() |
Thursday, November 3, 1994 Home Edition Section: Business Page: D-2 Farmers Maintains New-Policy Freeze in Battle With
State; By: From Times Staff and Wire Reports The head of Farmers Insurance Group's
British parent company said Wednesday that Farmers will
not lift its current freeze on writing new homeowners and
earthquake insurance in California "until we get our
way"--that is, until Farmers is allowed to raise its
earthquake policy deductibles to 25%. 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 few reopenings of what we thought were closed cases." A Farmers spokesman said the estimate is being
reviewed as claims are paid and that there is a chance it
could be revised upward. Copyright (c) 1994 Times Mirror Company |
Attention! All information contained herein is for educational purposes only. No copyright infringement is intended by any material on these pages. The copyrights of the whole multimedia content on these pages are belonging to their originators, authors, creators... etc. All original content is the property of it's originators. Copyrighted material has been used for non-commercial purposes only. This website is best viewed with your monitor resolution set to 800x600 and your video mode set to true color. |