State Auto Financial Corp. has taken an aggressive stance on homeowners insurance since 2009 — getting increased rate and reducing risk concentration in certain areas — but the company's chief executive says there is a long way to go before he will feel good about the line, if he ever does.
State Auto President, Chairman and CEO Bob Restrepo said in a conference call with analysts that homeowners prices increased almost 23 percent for 2012. "And we plan for comparable increases in 2013," he added.
"Starting in 2009," Restrepo said, "we've doubled homeowner rates, managed concentrations, and mitigated losses using deductibles and reinsurance. Policy-inforce count is also down 4.3 percent for the year almost exclusively in the high-catastrophe states."
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.
