State Farm recorded a net loss of $6.3 billion in 2023 due in part to what the company said was a ‘significant” increase in the severity of damage claims from homeowners’ insurance policyholders.
Tag: State Farm
State Farm to Increase Homeowners Rates by 20% in California
State Farm is expected to increase its average rate for homeowner insurance policies in California by 20% this year, under a proposal approved by the Department of Insurance, records shows.
The World’s Largest P&C Insurers in 2023: S&P Global
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.
State Farm to Remain in Florida as Farmers Insurance Pulls Out
Gov. Ron DeSantis’ office confirmed that State Farm Insurance plans to continue its presence in the Florida insurance marketplace after Farmers Insurance declared plans to leave the state.
After State Farm’s and Allstate’s Exits, Farmers Insurance Sets Limits in California
In an email to The Standard, a Farmers spokesperson confirmed that the company had “paused” several insurance programs and was limiting the amount of new business it takes on.
California Insurance Commissioner Says He Can’t Take Action Against State Farm
California Insurance Commissioner Ricardo Lara does not plan on taking any action against State Farm after the insurance giant announced it was no longer accepting applications for new home insurance policies last month.
Allstate Stops Accepting New Property Insurance Applications in California
Almost a week after State Farm, California’s largest property insurer, announced that the company would stop accepting insurance applications for all business and personal property in California, Allstate is making headlines for a similar decision.
State Farm Will No Longer Provide Home Insurance to New CA Customers
State Farm will no longer provide home insurance to new California customers because of wildfire risks and an increase in construction costs, the company said Friday.
State Farm Gets Biggest Bump as California Approves More Auto Rate Hikes
State Farm Mutual Automobile Insurance Co. was the biggest beneficiary of California regulators approving more personal auto rate hikes in the first quarter.
Dog-Related Injury Claim Payouts Exceeded $1 Billion in 2022: Triple-I
U.S. insurers paid out more than $1 billion in dog-related injury claims in 2022, a double-digit percentage increase over 2021 even though the number of claims decreased within that timeframe.