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State Farm exposure up in Louisiana

Mon, 27 Aug 2012 15:27:04 CDT
By: Charlie Schlenker

State Farm Insurance has gained 25% in residential policy sales in the state of Louisiana over the last five years. According to Businessweek Magazine, the Bloomington-based insurer sold $466 million in Louisiana coverage last year. The policy growth comes as Hurricane Isaac bears down on the state, following nearly the same track as hurricane Katrina. In that same five years, State Farm competitor Allstate has reduced its Louisiana policy exposure by 19%, to less than half of State Farm's level. State Farm says it carefully manages its risk. And forecasters say Isaac will top out at Category one, much weaker than the Category three storm Katrina was when it came ashore in 2005. Katrina caused more than $41 billion in damage. Analysts estimate Isaac is likely to cause less than a billion dollars in destruction, though most of it in Louisiana.

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