Texas State Farm denies the increase in interest rates
Texas insurance officials on July 21 rejected by the owners proposed increases State Farm, the state of major home insurers.
State Farm, after a series of increases, the national rate of May 31: increased 9.1 percent to cover the costs of reinsurance and a second on average hike of 10.7 percent is intended to cover claims and losses predictable.
Gains were calculated as the State momentum, but most customers would have affected the life in Texas’ coastal counties, business officials said.
Commissioner Mike Geeslin insurance determines the rising interest rates excessive.
“We find the decision TDI disappointing and confusing,” said the spokesman of the State Farm Sophie Har-bert. “It does not seem to take into account what happens on the market. Businesses have available enough to offset their losses. This is good business.
Harbert firm that State, whether against the decision and request a hearing on their request.
She said it was too early to say whether the decision to force the company to reduce the number of people over politics, he writes in Texas.
State Farm has been to reduce their rates during the year 2003 has not yet done so, while fighting in the courts. Company officials have defended their prices fair and competitive.
Alex Winslow advocacy group of consumers, Texas Watch, expressed criticism on the rates Farm’s Original application was filed. He spoke of clients for “cautiously optimistic”.
“This is good news, if TDI followed by public authorities and forces of the firm not only to reduce their prices, but every penny has to pay her,” said Winslow.
But Jerry Johns, president south-west of insurance services s information, it is suggested that the decision could ultimately harm consumers in a market with a number of suppliers.
“Insurers are available on the market in Texas of the leak, simply because they do not have to pay at the rate of claims,” said Johns, and added that since 1999 the number of owners house policy written in Texas, 380 to 120 “This is not good for consumers and should be a wake-up call to Commissioner Geeslin,” said Johns.
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