Factbox: Changes in Oklahoma earthquake insurance policies

(Reuters) - Oklahoma has become an earthquake hot spot in recent years, as booming oil and gas production has led to an increase in the injection of wastewater into deep underground caverns, pressuring faults. Homeowners have responded by seeking to insure themselves against the risk. But many insurance companies, fearing a large quake could follow next and cause costly damages, have sought to limit their exposure by exiting the market, raising deductibles, or hiking premiums. Below is a summary of changes insurance companies have made in the state in recent years, based on Oklahoma Insurance Commission filings: Company Date Action Armed Forces Aug 8, 2014 Increases earthquake premiums by 1-3 cents per Insurance $1,000 of coverage Exchange Chubb Ltd Dec. 19, Increases earthquake premiums to $0.33 per $1,000 2014 of coverage from $0.30. Country Sept. 11, Increases earthquake deductible from 5 percent to Mutual 2015 10 percent "in an effort to address exposure Insurance management." Lowers premiums to compensate Company consumers. EMCASCO May 7, 2014 Eliminates option for 5 percent deductible, meaning lowest available deductible is 10 percent. Increases premiums by earthquake coverage by 1-2 cents per $1,000 of coverage. Farmers Sept. 9, Increases earthquake premium in one type of plan Insurance 2015 to $0.403 per $1,000 of coverage, up from $0.345 Company, Inc. in some plans and $0.259 in others. A spokesman said the company's changes were made to "reflect the increased risk." Nov. 9, 2015 Eliminates option for 2 percent deductible in one type of plan, meaning lowest available deductible is 5 percent Oct. 6, 2014 Increases premiums by 50 percent in one type of plan, which the company said in a filing was "to account for the higher exposure and the need to reinsure the risk." Great May 30, 2014 Increases earthquake premiums by as much as 260 Northwest percent to match competitors' rates, particularly Insurance Travelers. A spokesman said the company was Company seeking to grow its Oklahoma earthquake program, after not actively marketing it for several years, and looked to other insurers' rates for guidance. The Hartford Oct. 24, Issued a moratorium to no longer offer new 2014 earthquake coverage in Oklahoma Horace Mann Dec. 22, Increased earthquake premiums by 1-2 cents per Insurance 2014 $1,000 of coverage "so that they are more closely Company aligned with our competitions' rates" Nov. 10, Once again hikes earthquake premiums by 1-2 cents 2015 to match competitors Oklahoma Farm Feb 5, 2011 Removed earthquake coverage from existing plans Bureau Mutual Insurance Company Travelers Nov. 4, 2014 Stopped writing new earthquake coverage in Companies, Oklahoma "to manage our exposure to earthquake in Inc the state," according to filings for several types of plans (Reporting By Luc Cohen)