California insurers in revolt
Prices for auto insurance have risen sharply in recent years, insurance companies say they have increased their spending because of huge damage awards in court proceedings and much higher medical costs. California has, on average, the third highest in the nation after New Jersey and Alaska. The damage and accidents insurers to take $ 30 billion in annual premiums in California, with about one third for auto insurance. Effects on the two companies
Companies most likely to be affected by the harshest Proposition 103 are 20 Century and the Mercury General Corporation, both of virtually all of its activities in California. Ont analysts said companies share prices already reflect expectations that the action happen. Mercury closed today at $ 13.50 in shares of an offer OTC-commerce, 12.5 cents, while Century 20, closed at $ 15375 on the one hand, to 12.5 cents.
Mercury has already asked the commissioner of insurance for each franchise lower interest rates, they say other face of insolvency could 15 months.
The biggest insurer of the state of State Farm, Farmers Group Inc. and Allstate. A spokesman for State Farm, said the company lost $ 207 million in California, its automobile insurance business during the past year, and that the mandate lower interest rates would reduce premium of $ 500 million per year.
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