Oklahoma has reached a $25 million settlement with Farmers Insurance over the company’s handling of earthquake claims, state officials say.
Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready say an investigation revealed that Farmers denied or failed to properly pay approximately 1,000 earthquake claims submitted by Oklahomans who purchased coverage to protect their property.
As a result, the company will reopen the claims process and re-evaluate the claims using an independent administrator. Claims approved by the independent administrator will be paid pursuant to an individual insured’s policy.
