Pekin Insurance says the weather is to blame for a decision to not write any new home and auto insurance policies in Illinois or Iowa until early fall.
A statement from the company sent to WMBD Radio News says they’ve received more business in the two states recently, but weather patterns have become “more extreme and more erratic.”
“It’s no secret how volatile our storm activity has become,” said Susan Crisler, Director of Brand Experience, Pekin Insurance, in an e-mail. “Higher storm activity means a greater amount of damage over a larger area, which results in higher claims. This is because we have a large concentration of home and auto policies in these states. It has become necessary to temporarily slow the growth of new business in these storm-prone areas.
A statement from the company sent to WMBD Radio News says they’ve received more business in the two states recently, but weather patterns have become “more extreme and more erratic.”
“It’s no secret how volatile our storm activity has become,” said Susan Crisler, Director of Brand Experience, Pekin Insurance, in an e-mail. “Higher storm activity means a greater amount of damage over a larger area, which results in higher claims. This is because we have a large concentration of home and auto policies in these states. It has become necessary to temporarily slow the growth of new business in these storm-prone areas.
Pekin reveals IN, OH and WI non-renewal plans citing inflation and reinsurance costs
Wisconsin from August while also trimming its Iowa and Illinois homeowners exposure, with the Midwest-focused carrier blaming inflation, elevated storm activity and higher reinsurance costs for the decisions, The Insurer can reveal. 
