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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity. -
The industry meteorologist notes that the long-term lack of electricity usually drives up the cost of catastrophe claims.
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The executive says power outages will likely result in further losses.
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Gross written premiums at the carrier’s North American segment grew by 9% to $4.7bn.
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Force majeure declarations have been made in 18 energy plants across the region, with 19 other facilities temporarily shuttered.
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State Farm wrote $1.8bn in premium in 2019, representing 18.3% of the market.
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The carrier’s personal lines business swung to a profit, while commercial lines results also improved.
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In a note to clients seen by this publication, the risk modelling firm says the event may break records for insured winter storm losses.
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It’s everything from little fender benders, to whole houses destroyed by severe pipe bursts.
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The regulator says at least six insurers have so far had their websites compromised.
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Operating profits surged sixfold to $76mn during Q4.
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The move is a vote of confidence in the mutual insurance giant’s corporate venture arm.
