Insurance News Daily

Texas has been hit hard by recent natural disasters. From the continuing drought that grips much of the southern and western parts of the state, to flooding from Louisiana hurricanes further to the east, the insurance industry has taken a major financial blow. With insurance reserves falling, many insurers in central Texas are beginning to consider raising rates in order to offset losses. Disasters may not be the only factor…

Farmers Insurance Group, one of the largest insurers in the U.S., has unveiled plans to raise rates on homeowner’s insurance policies in Texas. The new rates, if approved by state regulators, will take effect next year. The company cites the growing number of high cost claims that has been streaming in since 2008 as reason for higher premiums. The proposal for higher rates from Farmers Insurance comes on the heels…