Doak Says Insurance Outlook ImprovingFri, 12 Dec 2014 14:36:48 CST
Milder weather conditions and a stronger economy are welcomed by Oklahoma's insurance industry. The past few years the state has battled widespread drought, wildfires and destructive tornadoes. Oklahoma State Insurance Commissioner John Doak said this past year was the best weather-related year for Oklahoma in the past 15 years. He said that will have a long term impact because there were a lot of claims in the last five years, which was the most catastrophic weather period in the state's history. That's good news for insurance companies like American Farmers and Ranchers and Oklahoma Farm Bureau as well farmers and ranchers who are buying policies.
Radio Oklahoma Network Farm Director Ron Hays interviewed Doak at the Tulsa Farm Show Friday. Click or tap on the LISTENBAR below to listen to the full interview. Doak also shared how the outlook for insurance companies has improved. One the top priorities of the agency is to ensure insurance companies have the financial solvency to pay claims. Doak said the financial outlook of companies has improved and few companies have left the state. Oklahoma is also attracting new companies with new insurance legislation for workers' compensation.
The Oklahoma Department of Insurance is one of several state agencies participating in the Tulsa Farm Show. Doak said the agency aims to connect with consumers to help them understand their insurance policy. Doak said they educate Oklahomans on having the right farm and ranch policy, ensuring the public understands their insurance coverage for automobile or home coverage in case there is an disaster in the state. Doak also finished a tour all 77 counties across the state on Thursday.
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