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Farmers Insurance plans to re-enter the Louisiana market
Posted on 3/8/21 at 7:34 pm
Posted on 3/8/21 at 7:34 pm
This is great news for those of us wanting more choice among the major carriers. I’m not sure when they will officially start writing new business in the state but it will be soon. The DOI just approved their rate filings and they plan to offer coverage in all 64 parishes. This will be huge.
quote:
Top 10 P&C Insurer Farmers Insurance Returns to Louisiana
quote:
Insurance Commissioner Jim Donelon has approved rate and form filings for Farmers Insurance (Farmers), the nation’s ninth largest property and casualty insurer, to return to the Louisiana market this month with auto, homeowners, condo and renters insurance. "The addition of a major national company to the roster of insurers offering property and automobile insurance in our state is a huge win for consumer choice and cost," said Commissioner Donelon. "Recruiting more insurers – large and small – to write policies in Louisiana is part of our strategy to increase competition and put downward pressure on rates. I’m very glad to welcome Farmers back to our market." Farmers began selling homeowners policies in Louisiana in 1999. Its market share in Louisiana peaked in 2007 when it became the seventh largest homeowners insurer in the market with 4.1% of the state’s policies and $56.2 million in direct written premium. But the insurance group began shedding policies in our difficult market after Hurricane Katrina and exited in 2014, leaving only a subsidiary, Foremost Insurance Co., doing residential property business in Louisiana. The California-based Farmers decided to return to Louisiana as part of a national expansion to the East and South. In the past decade, it has expanded into Florida, Connecticut, Georgia, Maryland, New Jersey, New York, Pennsylvania, South Carolina, Kentucky, and Mississippi. Louisiana will be the 40th state where the company sells insurance under the Farmers brand. "While this decision is based on their national marketing strategy, I’m certain the company noticed our state’s effort to reform our tort laws and that initiative made our state more attractive to them than was the case when they exited our market in 2014. There is no doubt this additional competition will benefit our citizens," Commissioner Donelon said. According to the National Association of Insurance Commissioners, Farmers Insurance Group was the ninth largest property and casualty insurer by premium in 2019, the most recent year for which data is available. Farmers will do business in Louisiana under the names Farmers Insurance Exchange and Truck Insurance Exchange. Farmers plans to offer policies in all 64 parishes. As Farmers returns to the market, the Louisiana Department of Insurance has now recruited 32 new property insurance companies to Louisiana since 2006.
This post was edited on 3/8/21 at 7:36 pm
Posted on 3/8/21 at 7:36 pm to TDsngumbo
quote:
huge
Eh... Doubt it does much to move the needle either way, but it is good to have options, especially with all the companies that have left or decided not to write new business
Posted on 3/8/21 at 7:37 pm to Eat Your Crow
quote:
Don't see a downside.
State Farm and Allstate will be fricking fewer customers soon and that’s ALWAYS a great thing.
Posted on 3/8/21 at 7:37 pm to TDsngumbo
Dey flooded all my Soibeens
Posted on 3/8/21 at 7:39 pm to TDsngumbo
Can't wait for the commercials with Motta and Giles staging 18 wheeler accidents followed by that catchy jingle.
Posted on 3/8/21 at 7:41 pm to TDsngumbo
With the level of dissatisfaction many State Farm policy owners had after last years storms, Farmers might just take a bite out of State Farm's market.
Let the battle begin.
Let the battle begin.
Posted on 3/8/21 at 7:44 pm to TDsngumbo
They will be far more relevant on the auto side than the homeowners side
Louisiana needs as many competitive auto markets as it can get
Louisiana needs as many competitive auto markets as it can get
Posted on 3/8/21 at 7:45 pm to TDsngumbo
Basically withdrew after Katrina it says. But they'll take your money again now due to expansion.
Mighty white of them.
Posted on 3/8/21 at 8:06 pm to TDsngumbo
I'm really more excited about the massive premium reductions based on "tort reform.". I love how it was not all an illusory bullshite con game by LABI and complicit dopey legislators.
Posted on 3/8/21 at 8:14 pm to TDsngumbo
I have them in GA. They have low premiums but are horrible when you have a claim and will raise your rate ridiculously high. Good insurance as long as you don’t have to use it.
Posted on 3/8/21 at 8:14 pm to TDsngumbo
quote:One of these is not like the other, and you're pretty ignorant.
State Farm and Allstate
Posted on 3/8/21 at 8:25 pm to TDsngumbo
I had Farmers during Gustav and they treated me right.
Posted on 3/8/21 at 8:35 pm to doubleb
quote:
had Farmers during Gustav and they treated me right.
Same here, but they ended to pulling out of LA not long after that if I remember right
Posted on 3/8/21 at 8:38 pm to Demshoes
I sniffed out the POS ambulance chasing dirtbag plaintiff attorney
Posted on 3/8/21 at 8:53 pm to AlxTgr
quote:
quote:
State Farm and Allstate
One of these is not like the other, and you're pretty ignorant.
I mentioned those two because I have worked for both before and despise both of them. If I had to choose one, I'd go with State Farm in a heartbeat, though. Allstate is terrible. You're pretty dickish.
Posted on 3/8/21 at 8:55 pm to In The Know
quote:
POS ambulance chasing dirtbag plaintiff attorney
Actually a defense attorney who understands symbiotic relationships and frauds upon the public.
You too dumb to realize that shitty stick up your arse defense attorneys like yourself require plaintiffs to survive? Or that some people who bring valid claims deserve their day in court?
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