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North Carolina Farm Bureau Weighs Cutback in Homeowners Policies

North Carolina Farm Bureau Weighs Cutback in Homeowners Policies

North Carolina Farm Bureau Weighs Cutback in Homeowners Policies
News from Insurance Journal:

One of North Carolina’s largest homeowners’ insurers says it is considering canceling the coverage of up to 70,000 homeowners unless the state Legislature makes changes allowing it to charge higher rates.

North Carolina Farm Bureau Executive Vice President Steve Carroll recently told state lawmakers that the insurer may have to cancel the policies in order to reduce its exposure and make its homeowners’ book of business profitable.

He said that the insurer needs more leeway to enact higher rates, especially given the rising cost of reinsurance, which he said is expected to double as a result of the losses incurred from Hurricane Irene and the spate of tornadoes that touched down in the state last spring.

Carroll estimated that 40 percent of the insurer’s premiums will go towards purchasing reinsurance next year.

“To continue to write property insurance the way we have in North Carolina, we have to have higher rates,” said Carrol…………… continues on Insurance Journal

… Read the full article


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