INSURANCE MATTERS These are interesting and challenging times By Gary Buckner Executive Vice President and General Manager, Oklahoma Farm Bureau Insurance
he first half of 2020 has been quite interesting for the insurance company and industry. The beginning of the year looked to be on track for what we would consider a normal year, but as with Oklahoma, things can change very quickly. Thus far, 2020 has presented us with a recession, COVID-19 crisis, a state of emergency, protests and demonstrations, and catastrophic storms. This, mixed with our normal business, has made the first half of the year a little challenging, but still successful. As we conclude the second quarter, the challenges thus far have naturally placed some unforeseen strains on the insurance company, but none that Oklahoma Farm Bureau Insurance has not overcome. For starters, the insurance industry is considered an essential business. This designation allowed us to remain open and provide the service our members need during the turbulent storm season we experienced. Our employees, agents and county offices made this possible by being one of the only insurance companies in Oklahoma to have actual people in the damaged areas assisting members during these trying times. I am very proud of everyone’s hard work and dedication! With the additional hurdles presented, our operational view remains optimistic for the 2020 year. New business sales continue to improve, and conversely, we experienced an increase in property and auto claims. The increase in claims
is due in part to the COVID-19 crisis, along with an increase in storm activity in April. The overall financial position of the company remains strong, with a surplus of more than $135 million. With a solid corporate strategy in place, we should be able to improve our financial position throughout the rest of the year and meet the financial objectives we — Gary Buckner set out to accomplish. On a separate note, I would like to recognize the retirement of Merry Randazzo from OKFB Insurance. Merry began her career over 42 years ago, working in a county office to then excel into many different insurance roles with her final position being vice president of claims. Merry has touched the lives of many Farm Bureau members, as well as employees and agents. Her wisdom, commitment and love for our purpose will be missed. Thank you for allowing me to serve as your executive vice president and general manager.
With the additional hurdles presented, our operational view remains optimistic for the 2020 year.
8 — Oklahoma Country