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Insurer may pull back further

Insurer may pull back further

Insurer may pull back further
News from The News & Observer:

One of the state’s largest insurers says its controversial decision to link homeowners and auto policies could be just the beginning of its pullback from the homeowners insurance market.

An N.C. Farm Bureau executive recently told a state legislative committee that the insurer might follow up by refusing to renew about 70,000 additional homeowners policies in North Carolina to reduce its exposure to a line of business it contends is unprofitable. Raleigh-based Farm Bureau ranks third in North Carolina with a 13.9 percent share of the homeowners market, according to the state Insurance Department.

“There will be a point – and we are on the verge of it right now – where we have to severely restrict writing (homeowners policies) in North Carolina,” said Steve Carroll, executive vice president and general manager, during Dec. 1 testimony before a subcommittee that is studying the state’s regulation of homeowners’ insurance rates.

In an intervie…………… continues on The News & Observer

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