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.”
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