- June 1, 2016
- Posted by: Casey Govero
- Category: press releases
OKLAHOMA CITY – OKLAHOMA – As the number of earthquakes in Oklahoma exploded into the hundreds in the last few years, nearly a dozen insurance companies moved to limit their exposure, often at the expense of homeowners, a Reuters examination has found.
Nearly 3,000 pages of documents from the Oklahoma Insurance Commission reviewed by Reuters show that insurers and the reinsurers who cover them grew increasingly concerned about exposure to earthquake risks because of heightened frequency of seismic activity, which scientists link to disposal of saltwater that is a byproduct of oil and gas production.
Even as they insured more and more properties against earthquakes in the past two years, six insurers hiked premiums by as much as 260 percent and three increased deductibles. Three companies stopped writing new earthquake insurance altogether, state regulatory filings obtained by Reuters show. Several insurers took more than one of those steps.
Midlands Management Corp. is not included in the list of carriers/insurers hiking rates. Even as Midlands Management Corp. experiences unprecedented demand for earthquake insurance, and as other carriers are passing on the expense of insurance to the customer, Midlands has not increased premiums or deductibles.
Not only, is the Midlands product more affordable, but it is one of the most comprehensive policies available to Oklahomans. Midlands reports that their particular product is in high demand because they do not require a waiting period after seismic events, their policy covers natural and man-made quakes and can be written for homeowners or business property.
Midlands Management Corp. is a leader in the wholesale brokerage and insurance services industries. For more than 25 years, Midlands has been protecting critical financial assets by providing total insurance solutions. Find out more at midlandsmgt.com.