State Farm Insurance Companies--the largest homeowners insurer in Mississippi, with more than 30 percent of the market--last week suspended sales of any new commercial or homeowners' policies in the state, effective Feb. 16.
State Farm Senior Vice President Bob Trippel said the company took the action because of the increasingly unpredictable business and legal environment in the state. "We're just not in a position to accept any additional risk in this homeowners' market," he said in a statement.
Mississippi Insurance Commissioner George Dale said the move was "a stark reminder that the issues brought about by Hurricane Katrina affect not only the coast, but policyholders all across the state."
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