California drivers who use State Farm for their auto insurance coverage are facing a premium increase of $263.7 million.
Tag: State Farm
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
Safety A Key Focus of State Farm® Drive Safe & Save™ Mobile 3.0
State Farm and Cambridge Mobile Telematics (CMT) announced version 3.0 of the Drive Safe & Save Mobile app, the latest update to the State Farm voluntary telematics program. The updated app has a revamped user experience with a focus on road safety. Users who choose to participate will benefit from the actionable data and feedback… Continue reading Safety A Key Focus of State Farm® Drive Safe & Save™ Mobile 3.0
State Farm and USAA to Test Blockchain Technology to Automate Insurance Claims
State Farm and USAA know how important it is to invest, innovate and build for the future. During the 2019 Dig In Conference, the two insurance companies announced a joint subrogation solution, and are now using real claims data to test how blockchain technology can improve the speed of the auto claims subrogation process. Subrogation… Continue reading State Farm and USAA to Test Blockchain Technology to Automate Insurance Claims
Dog Bite Claims Dropped In 2018, State Farm Reports
Owning a pet is a big responsibility. Dog owners are responsible not only for the health and safety of their pet, but also protecting people from injury. Most dogs will never bite but it is important to remember that any dog, regardless of breed or type, can bite under certain circumstances. Over the last year,… Continue reading Dog Bite Claims Dropped In 2018, State Farm Reports
State Farm Returns to Profit in 2018
In 2018, State Farm experienced a property-casualty underwriting gain, as well as increases in total revenue, net income and net worth. As the number one Auto and Homeowners insurer in the U.S., State Farm remains committed to serving its policyholders. The State Farm property-casualty (P-C) group of companies reported a combined underwriting gain of $1.7… Continue reading State Farm Returns to Profit in 2018