State farm News

Intensifying Storms Are Fueling a Record $17 Billion Bond Barrage

Bonds sold to help US utilities recoup losses from natural disasters are seeing an unprecedented boom, with the latest burst of issuance generated by the deadly February 2021 storm that paralyzed Texas as it struck a large swath of the …

Appeals Court Won’t Certify Class Action on State Farm’s Diminished Value Formula

Auto and property insurers in the last three months have settled class-action lawsuits in Southern states alleging the carriers systematically underpaid claims. A federal appeals court in Georgia has decided a similar issue in favor of the insurer, noting that …

State Farm Agrees to Settle Katrina Claims Lawsuit with Mississippi AG

Mississippi has quietly settled its lawsuit against State Farm Fire and Casualty Co. for allegedly minimizing its Hurricane Katrina payments to policyholders, leaving the state to compensate homeowners. The settlement says the $12 million payment represents “restitution for damage, which …

State Farm Invests $1.2B in ADT; Adopts ‘Predict and Prevent’ Mindset

State Farm and ADT, a smart home provider, announced that State Farm will make a $1.2 billion equity investment in ADT, a move that will give the nation’s largest insurer a 15% ownership stake in ADT. The investment also heralds …

Personal Auto Results Slow to Recover; GEICO, Progressive to Pass State Farm

With an overall combined ratio in excess of 100 for the first time since 2017, private passenger auto joined homeowners in unprofitable territory last year, prompting carriers to respond with pricing and underwriting actions. But improvement in the auto line …

Analysis: State Farm Wins Again With Better J.D. Power Scores Than GEICO

When Warren Buffett told Berkshire Hathaway investors that State Farm continues to dominate the large auto insurance carrier landscape during this year’s annual meeting, he was referring to scale rather than customer satisfaction scores. But State Farm wins on that …

New Jersey No-Fault Law Does Not Bar Suit Over Insurer Delay in Approving Treatment

An insured claiming his auto insurer’s delay in approving treatment caused his injuries to worsen is entitled to prove his breach of contract claim despite New Jersey’s no-fault law. That law governing personal injury protection benefits provides an exclusive remedy …

State Farm Drops Support of LBGTQ Awareness Group After ‘Creepy Neighbor’ Campaign

After an uproar from conservative groups, State Farm Insurance has dropped its support of a group that said it was battling misinformed opinions on transgender youth. “We support organizations that provide resources for parents to have conversations about gender and …

State Farm Still Wins: Buffett Talks Auto Insurance at Annual Event

There wasn’t a lot of talk about auto insurance at this year’s annual meeting of Berkshire Hathaway, but when the subject came up, Warren Buffett acknowledged the continued dominance of one competitor—a mutual insurer. “The largest auto insurance company in …

Dog-Related Claims Cost U.S. Home Insurers Nearly $900M in 2021

Dog bites and other dog-related injuries accounted for more than one-third of all homeowners liability claim dollars paid out in 2021, costing $881 million, according to an analysis by the Insurance Information Institute (Triple-I) and State Farm. The number of …