Most of the hundreds of claims State Farm has incurred from catastrophic wildfires in New Mexico are high severity, according to a company spokesperson.
Tag: State Farm
Dog-Related Injury Claim Payouts Hit $1.12B in 2023
U.S. insurers paid out $1.12 billion in dog-related injury claims in 2023 according to the Insurance Information Institute (Triple-I) and State Farm.
California Insurance Commissioner Declares ‘Crisis’ After Major State Farm Announcement
California’s insurance commissioner Ricardo Lara spoke out after the state’s largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer.
State Farm Non-Renewing 72,000 Policies in California
State Farm released the following statement regarding its decision to non-renew 72,000 policies in California.
State Farm Suing Norfolk Southern for Train Derailment Damages
State Farm insurance company is suing Norfolk Southern on behalf of two residents who reported property damage from the train derailment in East Palestine on Feb. 3, 2023.
State Farm Suffers $6.3B Net Loss in 2023 Amid ‘Significant’ Boost in Catastrophic Claims
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.
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.