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You are here: Home / Archives for State Farm

State Farm Reports Record Underwriting Losses in 2022

February 28, 2023 By CollisionWeek Editor Leave a Comment

Auto insurance business reports underwriting loss of $13.4 billion. In 2022, State Farm’s auto insurance companies reported record underwriting losses due to rapidly increasing claims severity and significant additions to prior accident year incurred claims. While State Farm experienced unfavorable operating results in auto, State Farm Mutual Automobile Insurance Company remains financially strong. State Farm […]

Filed Under: News Tagged With: Earnings, State Farm

State Farm Rolling Out Expanded Non-OEM Collision Repair Parts Use to Most U.S. States

December 7, 2022 By CollisionWeek Editor

Following the test in Texas and Oklahoma announced in June, the largest private passenger auto insurer in the U.S. will reintroduce CAPA-certified non-OEM collision repair parts. State Farm announced to its Select Service shops yesterday, December 6, that due to continuing supply chain issues it will reintroduce expanded specification of non-original equipment manufacturer (non-OEM) collision […]

Filed Under: Feature Tagged With: Certified Automotive Parts Association, Non-OEM Parts, State Farm

New Hampshire Supreme Court Rules in Favor of Collision Repair Shop in Assignment of Benefits Dispute with State Farm

November 17, 2022 By CollisionWeek Editor

Majority opinion says policy language restricting an insured’s ability to assign the benefits of their claim to a collision repair facility is ambiguous, overturning a lower court ruling to dismiss the case. The New Hampshire Supreme Court on Tuesday overturned a lower court ruling that in favor of State Farm to dismiss a breach of […]

Filed Under: Feature Tagged With: Assignment of Benefits, Keene Auto Body, Lawsuits, New Hampshire, State Farm

Allstate Receives Private Passenger Auto Physical Damage Rate Increase in California

November 14, 2022 By CollisionWeek Editor

The increase is the first for Allstate in nearly five years and first for the industry in more than two years since the start of the pandemic. On October 30, the California Department of Insurance (CDI) approved Allstate’s request for a 6.9% increase in its personal auto liability and physical damage rates. The CDI has […]

Filed Under: News Tagged With: Allstate, GEICO, Premiums, Progressive, S&P Global, State Farm

State Farm Reports Fewer Animal Collisions in Annual Analysis

October 13, 2022 By CollisionWeek Editor

Pennsylvania had the most animal collision claims. Auto claims data reveals drivers struck less animals than previous year according to an analysis by State Farm, the number one private passenger auto insurer in the United States. Between July of 2021 and June 2022 an estimated 1.9 million animal collisions happened across US roads, 5.5% less […]

Filed Under: News Tagged With: Animal Collisions, Claim Frequency, State Farm

State Farm Claims Data Reveals Continued Surge in Catalytic Converter Theft

October 6, 2022 By CollisionWeek Editor

Claims data from State Farm, the largest insurer of automobiles in the U.S., shows that between July 2021 and June 2022 catalytic converter theft has grown 109% nationally, in terms of the number of claims filed, compared to the previous 12 months. During this recent period more than 43,219 of these parts were stolen and […]

Filed Under: News Tagged With: Catalytic Converter Theft, State Farm

GHSA Study Finds Rural Roads Are Disproportionately Deadly

September 1, 2022 By CollisionWeek Editor

In-depth report examines who dies in rural road crashes, why and offers nearly three dozen safety recommendations for states. Rural roads are beautiful, but they’re hiding a deadly secret – nearly half of all fatal crashes occur on them, even though only 19% of the U.S. population lives in rural areas. A new report from […]

Filed Under: News Tagged With: Governors Highway Safety Association, State Farm, Traffic Fatalities

State Farm Testing Expanded Non-OEM Collision Repair Parts Use in Oklahoma and Texas

June 14, 2022 By CollisionWeek Editor

After more than two decades, the largest auto insurer in the U.S. will test the reintroduction of certified non-OEM collision repair parts. State Farm announced to its Select Service shops in Texas and Oklahoma on June 14 that due to supply chain issues it will conduct a test of expanded specification of non-Original Manufacturer (OEM) […]

Filed Under: Feature Tagged With: Non-OEM Parts, OEM Parts, State Farm

Louisiana Tops State Farm List of Top States for Hurricane Claims Last Year

May 3, 2022 By CollisionWeek Editor

Last year one in four hurricane claims were auto claims. In 2021, State Farm received around 119,000 claims from hurricanes in nine states totaling approximately $1.2 billion in claims paid to help customers repair and rebuild. The storms included in the 2021 claims data include Henri, Nicholas and Ida. These storms had a major impact […]

Filed Under: News Tagged With: State Farm

State Farm Reports Average Auto Hail Claims $5,000

March 15, 2022 By CollisionWeek Editor

State Farm reported that the overall number of hail claims and cost in 2021 were lower than 2020. Total Auto and Home insurance claims were $2.5 billion in 2021, down from $3.1 billion in 2020. Auto hail claims totaled $480 million. In 2021, the average homeowner claim totaled more than $12,000, even with last year, […]

Filed Under: News Tagged With: Claim Severity, Hail, State Farm

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