Second year in a row reporting record underwriting loss on increased severity and catastrophe losses.
In 2023, State Farm property and casualty insurance companies experienced growth in policies while also reporting record underwriting losses due to continued elevated claims severity and significant catastrophe activity, for both the auto and homeowners insurance companies.
The State Farm P-C group of companies reported earned premium of $87.6 billion and a combined underwriting loss of $14.1 billion in 2023, up from an underwriting loss of $13.2 billion on earned premium of $74.3 billion in 2022.
According to the company, the change over 2022 reflects
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