Exclusive Survey: Agents React to State Farm Florida Pullout
Insurance Journal surveyed 130 Florida insurance agents on the expected exit of State Farm Florida. Here’s some of what they said:
- 62% expect State Farm will exit while 32% think it could still stay.
Comments:
- 84.6% are already receiving calls from State Farm customers.
- 93% are interested in writing some of the State Farm business.
- 52.8% believe they will be able to save most State Farmers money.
- To attract State Farm business: 59.8% are increasing their marketing and 25% are seeking additional carrier appointments. Other steps they’re taking: adding sales staff (9.8%), adding support staff (13%), partnering with a State Farm agent (22.8%) and making surplus lines contacts (8.7%).
- What will happen to State Farm Florida’s business?
- 37.7% believe the state’s private insurers will handle the bulk.
- 44.6% believe the majority will end up in state-backed Citizens.
- 36.2% think State Farm agents will represent other carriers.
- 37.7% believe the state’s surplus lines market will gain business.
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