State farm News

Failure to Produce Proof of Purchase Dooms Insurer’s Product Liability Case

A federal court in Pennsylvania recently affirmed that plaintiffs seeking to hold a seller or distributor liable for a faulty product must provide clear evidence of where they purchased their product. In a homeowners insurance subrogation case over water damage …

State Farm Settles Immigration Discrimination Case with Justice Department

The Justice Department announced that it secured a settlement agreement with State Farm resolving the department’s determination that one of State Farm’s corporate offices in Richardson, Texas, violated the Immigration and Nationality Act (INA) when it terminated a worker in …

S&P Reveals Top 50 Largest P/C Insurers

As the third-fastest growing company on a list of the world’s top 50 largest insurers, State Farm Mutual Automobile Insurance Co. continued to rank No. 1, according to research S&P Global Market Intelligence. State Farm recorded nearly $87.6 billion in …

State Farm Campaign Aims to Provide Smoke Alarms to 1,300+ Texas Homes

State Farm will provide smoke alarms to more than 1,300 Texas homes during the Out to Alarm Texas 2024 campaign, the Insurance Council of Texas shared. The initiative was created in 2005 as a way mitigate the loss of life …

State Farm Posts Worst HO Loss Ratio Since 2011; Peers Recover: S&P

State Farm was the only one of 10 major players in the homeowners insurance market reporting a worse second-quarter loss ratio for the line than it did in 2023, according to a new analysis. The outlier result came even as …

State Farm: Catalytic Converter Thefts Drop 74%

For the second year in a row, State Farm auto claims data has revealed a significant drop in catalytic converter theft claims. There was a 74 % drop for the first half of 2024 compared to the same period in …

How California’s Homeowners Insurance Crisis Is Affecting Brokers

A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires. Wildfires have made the …

Allstate, State Farm Sued Over $4 Billion Maui Fire Settlement

A half-dozen Maui wildfire victims sued a group of insurers, including State Farm and Allstate, accusing them of throwing a wrench into a tentative $4 billion deal to settle their claims. The lawsuit filed Friday in state court in Maui …

State Farm Seeking Large Rate Increases in Wildfire-Prone California

State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7% and 20%—adding fuel to a burning homeowners crisis in a state that’s seen an increasing number of carriers pullback or …

GEICO Tops Progressive With Higher J.D. Power Scores

Although Berkshire Hathaway’s Warren Buffett and Ajit Jain told investors last month that GEICO is playing catch-up with Progressive to improve technology and connect rate to risk, Berkshire’s personal auto insurer still surpasses Progressive on customer satisfaction. According to the …