Insurance Juggernaut Recoups 2005 Hurricane
Season Losses In One Day
State Farm Insurance Company lost billions of dollars in 2005 due to an unusually strong hurricane season, which included the devastating Hurricane Katrina and Hurricane Rita. With shareholders left holding the bag, the company has no choice but to explore ways to recoup the staggering number of claims paid.
When Area Resident Dave O'Brien put in a claim for roof and siding damage, he felt confidant that the insurance company to whom he had been paying premiums, without a claim, for 14 years would stand up and do the right thing.
"Boy, that was a stupid thought" said O'Brien "they said the damage was not the result of the high winds that pummeled the roof with golfball sized hail, but it was the result of an "installation defect". "I told them I was going to to switch companies, but the adjuster said if I did he would come back and tie my wife to the train tracks".
When reached for comment on the situation, a State Farm representative replied "Muhwha-ha-ha!".