Oklahoma announces $25M settlement over earthquake claims

(AP) — Oklahoma officials are announcing a $25 million settlement with Farmers Insurance over the company’s handling of earthquake claims. Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready announced the settlement on Monday. According to a joint press release, an investigation revealed Farmers denied or failed to properly pay about 1,000 earthquake claims submitted by Oklahomans who had purchased earthquake coverage. As part of the agreement, the company will re-evaluate the claims using an independent administrator. The company said in a statement it believes the actions it’s taken are in good faith and correct. They’ve admitted no wrongdoing as part of the settlement.