State farm News

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 …

Patents for Sale? State Farm Reveals Website of Inventions

State Farm announced that it has launched a new website to showcase some of its patented technology, and making it available for licensing, purchase or collaboration opportunities. “State Farm is more than just an insurance company. With a focus on …

Oregon Division of Financial Regulation Fines State Farm $200K

The Oregon Division of Financial Regulation issued a $200,000 fine against State Farm after the company reportedly failed to send notices over the past six years informing its insureds of their ability to request an annual credit check, which could …