State Farm is seeking a 30% rate hike, claiming its California unit is in financial trouble. Consumer Watchdog alleges the home insurer is hiding earnings.
State Farm General, California's largest home insurer, is being accused of boosting the profits of its parent company at the expense of state policyholders — while claiming it's in financial distress and in need of a 30% rate hike. The company bought hundreds of millions of dollars of excess reinsurance from parent State Farm Mutual Automobile Insurance Co.
Actuary James Naughton, a professor at the University of Virginia's Darden School of Business, said that Consumer Watchdog had cause to question State Farm over its reinsurance practices since the parent company appeared to financially benefit from the arrangement. ' are right to be suspicious of the fact that it's basically a State Farm-to-State Farm movement of risk,' he said.
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