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Article: State Farm vows to boost Calif. inner-city writings. (State Farm Insurance Co.)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- March 13, 1995
CopyrightCOPYRIGHT 1995 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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State Farm, which limited the sale of new homeowners' insurance policies in California in the wake of last year's devastating Northridge earthquake, will begin writing new coverage for low-and moderate-income people in inner-city areas of Los Angeles and Compton, the company has announced.
State Farm executives, backed by newly-elected Insurance Commissioner Chuck Quackenbush, said the plan would offer as much as $2.2 billion worth of new coverage in 40 zip-code zones.
State Farm Vice President Roger Tomkins said the program is the "right thing to do" and "makes good business sense."
The announcement by the Bloomington, Ill.-based State Farm was hailed ...