I work for an agency which writes with a half dozen or so H/O companies and a couple flood and three or four auto as well as Lloyds. We're an in between for consumers. But the majority of our homes are in the Big Bear and Crestline area. Even without Big Bear taking a hit we'll loose significant income from the Crestline losses and could well loose some insurance companies.
I would not be surprised if State Farm is in trouble. They wrote freely in the mountains for years when no one else would. Farmers, while being different from most insurance companies could still be in trouble too for the same reasons. No one anticipated this kind of loss. This is beyond all of the nightmare scenarios that had been tossed around over the last year or so.
I don't know what the future holds anymore.
quote:Originally posted by gwen snyder:
The news today looks prety hopeless. The news also said there are insurance companies poised to collapse from the huge debt this will extract, I think they said State Farm at one point in the broadcast. Was that yours Violet? I will keep you in my thoughts and prayers. Stay safe.
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