Realized capital gains drive net income growth. Auto insurance earned premiums up $1 billion in 2015 versus 2014. Auto underwriting loss widens. The State Farm property-casualty (P-C) companies reported total revenue, which includes premium revenue, earned investment income, and realized capital gains (losses), was $75.7 billion for 2015 compared with $71.2 billion for 2014. State […]
State Farm’s Market Realignment Impact on Collision Repair Labor Rates
When State Farm announced earlier this year it would realign the local markets it uses to establish labor rates it said the effort might impact prevailing competitive prices paid to collision repair centers. We surveyed repairers to gauge the impact on labor rates and allowances. In July, State Farm announced it was realigning its traditional […]
State Farm to Realign Repair Facility Survey Markets
The largest auto insurer in the U.S. will update its local markets surveys areas based upon government definitions. May result in some changes to rates. State Farm Insurance announced it is refining the market definitions used in its repair facility survey. State Farm surveys allow eligible auto body repair facilities in the various markets the […]
Illinois Supreme Court Justice Who Helped Overturn Aftermarket Parts Verdict against State Farm at Center of Election Controversy Again
Effort to get Justice Lloyd Karmeier voted off the court gains the financial support of Plaintiff Attorneys who could gain from reinstatement of judgments in class-action lawsuits. Donations in the election of Illinois Supreme Court Justice Lloyd Karmeier are again making headlines. This time, however, plaintiff attorneys were reported this week to have made large […]
Federal Lawsuit Filed Against 7 Insurers Alleging Conspiracy to Control the Cost of Collision Repairs
Repair facility alleges violation of Racketeer Influenced and Corrupt Organization Act, Fraud and Unjust Enrichment by the largest U.S. insurers. Seeks class action status. A lawsuit brought by a Pennsylvania-based collision repair facility was filed April 30 in the U.S. District Court for the Northern District of Illinois, Eastern Division, naming State Farm, Allstate, GEICO, […]
Illinois Supreme Court Overturns Avery vs State Farm, Non-OEM Parts Suit
After almost three years of deliberation, the Illinois Supreme Court today issued its decision overturning the billion dollar Avery vs State Farm suit alleging that the insurer deceived policyholders by specifying the use of non-OEM parts for collision repairs. Because of differing language in different policies, the court ruled that a Williamson County Circuit Court […]
Automotive Recyclers Believe Media and Insurers Fail to Report the Full Parts Story
The Automotive Recyclers Association (ARA) believes that following the verdict against State Farm, many in the media and insurance industry have misled the public about a potential monopoly for new OEM replacement parts absent the availability of aftermarket parts. How so? We have all forgotten about the value of recycled OEM replacement parts as a […]
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