Francine, which became a Category 1 hurricane in the Gulf of Mexico before its expected Wednesday landfall in Louisiana, is set to hit State Farm, Allstate, and USAA based on their homeowners’ multi-peril insurance market share in the state.
According to 2023 data from AM Best, nearly 22% of the homeowners’ multi-peril insurance market market in Louisiana is held by State Farm. Next in line is Allstate, with an almost 14% market share.
AM Best’s ranking was based on the insurers’ direct premiums written (DPW). State Farm’s DPW for homeowners’ multi-peril insurance in Louisiana amounted to $659.7 million. Allstate’s was at $417.2 million.
Ranked third to 10th are USAA, Liberty Mutual, Forza Insurance Group, Louisiana Farm Bureau, Safepoint Insurance Group, Progressive, Louisiana Citizens, and Allied Trust Insurance.
Meanwhile Farmers Insurance, Gulf States Group, IAT Insurance Group, Shelter Insurance Companies, AU Holding Company, Chubb, BAMR US PC Group, Munich-American Holding Corp, and Assurant P&C Group are also potentially on the hook come claims time, being insurers 11-20 for this particular business line.
In Florida, the state’s insurance regulator recently published a new insured loss estimate for Hurricane Debby.
According to the Florida Office of Insurance Regulation, the estimated insured losses from the early August hurricane stood at $121,499,907 as of September 6.
Of the 19,973 total number of claims, 12,814 came from residential property, which is made up of homeowners’, dwelling, mobile homeowners, and commercial residential. The majority of the residential property claims, at 10,411, were from the homeowners’ segment.
Other lines of business – spanning fire, farmowners’ multi-peril, ocean marine, inland marine, private passenger automobile physical damage, commercial auto physical damage, aircraft, glass, boiler and machinery, industrial fire, industrial extended coverage, and multi-peril crop – contributed 6,354 claims.
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