Auto insurance business sees significant improvement as underwriting losses narrow compared to 2023. State Farm reported net income of $5.3 billion in 2024, a sharp turnaround from the $6.3 billion net loss in 2023. Despite continued underwriting losses in its auto and homeowners insurance businesses, the property and casualty (P-C) group of companies benefited from […]
Ken Worzel Elected Non-Executive Chair of State Farm Board of Directors
The Board of Directors of the State Farm Mutual Automobile Insurance Company has elected Kenneth J. Worzel to serve as Non-Executive Chair of the Board. Worzel will work closely with President and CEO Jon Farney, who runs the business operations of the company and is a member of the Board. “I look forward to continuing […]
Montana Announces $5 Million in Additional Payments to Consumers Following State Farm Review of Auto Loss of Use and Third-Party Liability Claims
Troy Downing, the Montana Commissioner of Securities and Insurance (CSI) reported that State Farm Mutual Automobile Insurance Co. has reviewed an additional 18,000 claims after being fined $4 million in a CSI administrative action for unfair claims settlement practices. These reviews resulted in an additional $5.2 million paid to Montanans impacted by State Farm’s improper […]
State Farm to Pilot Calibration Program
Insurer partners with Opus IVS to pilot calibration program with Select Service collision repair centers in two states. State Farm announced in an email October 8 to its Select Service collision repair facilities that the nation’s top private passenger auto insurer is set to launch a pilot calibration program on November 11. Select Service collision […]
State Farm Data Shows Odds of Hitting an Animal Down Slightly Compared to Last Year
Deer remain the #1 animal involved in a collision with nearly 1.3 million claims. Pennsylvania had the most animal claims. Data released from State Farm pegs the odds of U.S. drivers hitting an animal at 1 in 128 this year, down slightly from 1 in 127 last year. As the largest private passenger auto insurer […]
State Farm Reports 74% Drop in Catalytic Converter Thefts
State Farm auto claims data shows a 74% drop in catalytic converter theft claims for the first half of 2024 compared to the same period in 2023. This is good news in a story that first gained traction when State Farm claims data indicated a significant increase in catalytic converter thefts over the last several […]
U.S. Auto Insurers’ Strong Performance Recovery to Continue Through 2025
Fitch Ratings says premium increases and moderating claims severity benefiting auto insurance companies. The improving, more favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025, Fitch Ratings says. Several rounds of material price increases and a moderation of claims severity trends has vastly […]
State Farm to Test Mitchell Estimating in Ohio
Some of State Farm’s Select Service collision repair centers in the state will test the Mitchell platform for estimating and source parts. State Farm announced in an email May 7 to its Select Service collision repair centers in Ohio that it will begin testing the use of the Mitchell estimating platform for writing estimates and […]
State Farm Mobilizes Catastrophe Response to Last Week’s Tornadoes and Severe Weather
Iowa, Nebraska, Oklahoma & Texas among the hardest hit states. State Farm announced its catastrophe claim response team members are responding to assist customers affected by the recent severe weather affecting several states, including devastating tornadoes in Nebraska, Iowa, Oklahoma and hail storms in Texas last week. Over 650 auto claims were filed in the […]
State Farm Adds Accident Assistance Feature for Drivers Involved in Collisions to Drive Safe & Save App
State Farm announced the introduction of a new Accident Assistance feature to Drive Safe & Save app. The new Accident Assistance feature helps the driver when immediate next steps may seem unclear during the stressful moments following a collision. It will guide the driver through the next steps, including making sure everyone is safe, calling […]
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