State Farm, Florida's second largest property insurer, said today it is pulling out of the Florida home insurance marketplace two weeks after being turned down for a 47.1 average rate increase by the state regulator.
The company said it had filed plans to discontinue its Florida property insurance product lines because of its "substantially weakened financial position" related to its inability to obtain approval of "what it believes to be adequate property insurance rates."
Florida Insurance Commissioner Kevin McCarty on Jan. 13 had upheld an administrative law judge's ruling that State Farm had not proven a case for an increase.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
