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State Farm Has Largest Market Share in Isaac's Path

Source: Dow Jones


Posted on 28 Aug 2012 by Neilson

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State FarmWith Isaac churning across the Gulf of Mexico and threatening to strengthen into a hurricane, Stifel Nicolaus compiled a list of insurers that could be impacted.

In Louisiana, Mississippi and Alabama--the three states that currently have the greatest odds of getting hit--State Farm has the largest market share by far, with 20%. Allstate is second with 8.5%, with Alfa Mutual, Liberty Mutual and Travelers Cos. rounding out the top five.

Home insurers have made efforts to limit losses from hurricanes in recent years by imposing hurricane-only deductibles and being more discerning about who they'll insure in coastal areas. Isaac will test those efforts.