Earthquake Insurance Is 'Uncompetitive,' Says Oklahoma Insurance Commissioner
Oklahoma’s insurance commissioner has formally declared the state’s market for earthquake insurance is “uncompetitive.” The regulator says Oklahomans are unfairly limited when shopping for quake insurance.
119 companies sell earthquake insurance in Oklahoma, but Commissioner John Doak says just four companies have controlled more than half the market in recent years.
The commissioner says the industry has moved to raise rates and limit coverage as the shaking — linked to oil and gas activity — surged.
The commissioner's order requires companies to submit rate increases to the state before they can be used and makes it easier for the commissioner to challenge rate increases he thinks are too high.