Farmers Insurance Group announced that it would no longer write new policies or renew existing homeowner, auto and umbrella policies in Florida, affecting about 100,000 customers.
TALLAHASSEE — Farmers Insurance Group announced Tuesday that it would no longer write new policies or renew existing homeowner, auto and umbrella policies, affecting about 100,000 customers, a day after Florida Chief Financial Officer Jimmy Patronis threatened to take action if it did.
The state agency on Tuesday received a “market reduction notice from Farmers Insurance Group,” communications director Samantha Bequer said in an email to the Orlando Sentinel. “OIR is reviewing the notice in accordance with applicable Florida Statutes.” It affects about 100,000 policyholders under one of the Farmers’ lines. It will have no impact on the other 70% of policies currently in force in Florida covered under its other brands, he said.
“My first reaction was I almost laughed out loud,” state Rep. Anna Eskamani said upon hearing about Patronis’ tweet. “It is literally your job to create a robust market for consumers. You have insurance regulation under your belt. It is absurd to take to Twitter to punish an insurance company.”
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