State Farm refusing new business in Oklahoma, other states
Thursday, June 20th 2002, 12:00 am
By: News On 6
(Bloomington, Illinois-AP) -- State Farm Insurance Company says it's no longer accepting new homeowner policies in Oklahoma and 16 other states.
State Farm is also restricting sales of new homeowner policies in six other states.
The Illinois-based company began notifying regulators in Oklahoma and the other states this week.
State Farm spokesman Phil Supple says the action is to offset a reported loss of five (b) billion dollars last year. The loss is blamed on a series of natural disasters that caused a dramatic increase in claims.
Supple says the cutbacks are temporary and the company plans to again accept new homeowner police when business conditions improve.