Citing uncertainty in Mississippi's legal and business environments, State Farm announced last month that it would halt writing new homeowners' and commercial property insurance in the state of Mississippi.
“We came to this decision reluctantly,” said Bob Trippel, senior vice president for State Farm, in a letter sent to Mississippi's Commissioner of Insurance George Dale. “But it is no longer prudent for us to take on additional risk in a legal and business environment that is becoming more unpredictable. When there's more certainty, we will reassess the situation.”
Trippel added that the company is concerned that provisions in its insurance policies are being reinterpreted after the fact to provide for coverages that were not contemplated when the policies were written. Criticisms about their claim-handling practices also were cited as a factor.
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