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Mutuals Are Biggest Property/Casualty Insurers in Oklahoma

Source: WSJ

Posted on 22 May 2013 by Neilson

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OK carriersAs insurance stocks slip a day after violent tornadoes swept through towns just south of Oklahoma City, it's worth noting none of Oklahoma's three biggest property-and-casualty insurers by market share are publicly held.

State Farm has a 28% share among homeowners, followed by Farmers at 18% and Liberty Mutual at 7.3%, according to SNL. The biggest among firms not policyholder-owned is Allstate at 6.3%.

On the commercial non-liability side, Travelers is tops with 10% market share, slightly above Farmers, with Chubb in the third spot at 6.4%.

Allstate and Travelers are each down more than 1%, among the worst-performing financial stocks in the S&P 500. Chubb is off 0.8%, in line with a number of other insurers.

On top of the loss of life, the twister's financial cost is liable to run above $1 billion. Unadjusted for inflation, there has only been a handful of such tornadoes in the US.

Topping the list is the estimated $2.8 billion cost from the 2011 Joplin, Mo., twister that killed some 160 people and had similar characteristics to Monday's storm which tore through Moore, Okla. The Joplin storm was on the ground for 22 miles--as yesterday's is estimated to have been--and nearly a mile wide. Monday's could have gotten 2 miles across at one point.

The Moore tornado could also get the highest strength ranking as Joplin has, at EF-5. They have winds in excess of 200 miles per hour.


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