Farmers Insurance Exchange, which has around 23,000 homeowner and 7,000 auto policies in Louisiana, is dropping those lines of business in Louisiana, Insurance Commissioner Jim Donelon said Thursday.
Farmers has about 2.5 percent of the state’s homeowner’s market, Donelon said. The company cited substantial losses as a major reason for pulling out of Louisiana’s homeowner’s market, he said.
Farmers will stop renewing current policies April 27, which means it will be out of the Louisiana market by April 27, 2014.
“I am totally confident, and I told them this when we met last month, that we can readily find places for their policyholders with other companies looking for business in our homeowner’s market,” Donelon said.