Kentucky Farm Bureau Mutual Insurance Company · Louisville, KY United States
Company Description
More Companies in: Louisville, Kentucky
More Companies in These Related Industries: Insurance Agencies & Brokerages
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This link will open in a new window If for some reason the blue moon of Kentucky stops shining on the farm, this company can offer some relief. Kentucky Farm Bureau Mutual Insurance (KFB Insurance) writes several lines of property/casualty insurance policies, including homeowners, farm, commercial, automobile, and fire coverage. It offers its products to the more than 450,000 families who belong to the Kentucky Farm Bureau and is the #1 provider of automobile coverage in the state. Through affiliate Southern Farm Bureau Life Insurance , the organization also offers life and long-term care insurance, as well as retirement products. To read the full description, subscribe now.
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Key Kentucky Farm Bureau Mutual Insurance Company Financials
| Company Type | Private - Mutual Company Headquarters |
| Fiscal Year-End | December |
| Employees | 680 |
Kentucky Farm Bureau Mutual Insurance Company Executives
37 executives listed for Kentucky Farm Bureau Mutual Insurance Company's Louisville, KY location.
| Title | Name & Bio | Contact |
| EVP and CEO | Bradley Smith | |
| President | Mark Haney | |
| EVP | David Beck |
Competition
Competitive Landscape for Kentucky Farm Bureau Mutual Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Kentucky Farm Bureau Mutual Insurance Company Competitors
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