State farm News

State Farm Announces New CEO; Farney Succeeding Tipsord June 1

The State Farm Mutual board of directors has selected President Jon Farney as the company’s next chief executive officer. Farney will succeed retiring CEO Michael Tipsord on June 1. Farney joined State Farm in 1993 and has served in a …

State Farm Sets Another Record With $14B Underwriting Loss in 2023

A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing …

State Farm Sues Norfolk Southern Over Ohio Train Derailment Damages

State Farm Insurance brought forth a subrogation lawsuit last week against Norfolk Southern over damages to a pair of East Palestine, Ohio homes allegedly caused by the railroad company’s February 2023 train derailment. State Farm filed a complaint in Columbiana …

Top West Insurance Journal Stories of 2023

Insurers pulling back from an increasingly risky California market grabbed the attention of Insurance Journal readers this year. This was the subject of the top four most popular stories in Insurance Journal’s West region in 2023. Eight articles on this …

5th Circuit Reverses Class Certification in Lawsuit Alleging State Farm Undervalued Total-Loss Claims

A federal appellate court reversed a trial court’s decision to certify a class of plaintiffs in a lawsuit that alleged State Farm Mutual Automobile Insurance Co. undervalued total-loss claims by Louisiana claimants. A panel of the 5th Circuit Court of …

Catalytic Converter Thefts Down by Half as Precious Metal Prices Drop

The number of insurance claims filed for catalytic converter thefts plummeted this year after rising dramatically in 2021 and 2022. National Insurance Crime Bureau data shows that as of Sept. 30, the number of claimed catalytic converter thefts averaged 2,675 …

Contributory Doesn’t Nix Subsequent Negligence, Alabama Court Says in UM Case

The Alabama Supreme Court has handed down two decisions that could have an impact on uninsured motorist claim payouts and on how construction surety bonds and contracts are defended. In MSE Building Co. vs. Stewart/Perry Co., Buc-ee’s Ltd. and Philadelphia …

State Farm Seeks $1.5M From Owners of Manhattan Garage That Collapsed

The collapse of a New York City garage in April was caused by the negligence of the owners of the building, according to State Farm, which is suing them to recover $1.5 million in payments to the garage’s customers who …

Former Employee With Bladder Condition Sues State Farm Alleging Disability, Racial Bias

A Georgia woman who was employed by State Farm Automobile Insurance Co. for 20 years is suing the insurer alleging she was discriminated and retaliated against because of her bladder disability. The employee, Elisa Brown, was diagnosed with overactive bladder …

Climate Change and Homeowners’ Insurance Are on a Collision Course

A summer that has already seen water crises and wildfire smoke is rapidly becoming an inflection point in the pitched battle between climate change and the price of homeowners’ insurance in the US. American International Group Inc., which has already …