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.
Tag: State Farm
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.
California State Farm Auto Insurance Customers to See a $264M Rate Increase
California drivers who use State Farm for their auto insurance coverage are facing a premium increase of $263.7 million.
State Farm Hit with Racial Discrimination Lawsuit over Use of Data
State Farm faces a class action lawsuit, alleging that the insurer processed claims slower, paid out claims less frequently, and scrutinized claims more closely when the claimants were Black.
State Farm Subsidiary to Pay $100M for False Katrina Claims
State Farm Fire and Casualty Co., a subsidiary of State Farm Insurance, has agreed to pay the federal government $100 million in restitution for its alleged failure to handle flood insurance claims following Hurricane Katrina. The settlement brings to an end a legal process that began more than 16 years ago, when two whistleblowers filed… Continue reading State Farm Subsidiary to Pay $100M for False Katrina Claims
State Farm to Buy Auto Insurer GAINSCO
State Farm announced a merger deal Thursday to buy auto insurance company GAINSCO for about $400 million in cash. Upon closing, the merger agreement states that State Farm Mutual will acquire all the stock in GAINSCO, Inc., the holding company of MGA Insurance Company, Inc., a Texas-domiciled insurance company, and GAINSCO shareholders will receive approximately… Continue reading State Farm to Buy Auto Insurer GAINSCO
State Farm on Pace to Lose Car-Insurance Crown to Geico
State Farm, for decades the top dog of U.S. auto insurance, is on track to lose that status within just a few years unless trends favoring online insurers abate. After business losses following a series of uncharacteristically sharp rate hikes in 2016 and 2017, the 17 percent national market share the Bloomington-based giant held in… Continue reading State Farm on Pace to Lose Car-Insurance Crown to Geico
A Senator Questioned Why Insurance Companies Are Paying Police to Investigate their Customers
A senator responsible for overseeing the insurance industry spoke out Friday about State Farm, Farmers, and other major insurers funding police and prosecutors to investigate fraud — creating a system that can ensnare innocent people. “Insurance companies should not be permitted to abuse their investigations processes,” said Sen. Chris Van Hollen of Maryland, the top… Continue reading A Senator Questioned Why Insurance Companies Are Paying Police to Investigate their Customers