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 […]
State Farm Expands Non-OEM Collision Repair Parts Across Most of the U.S.
Announcement follows test of expanded non-OEM part types in California and Arizona in June. State Farm announced to its Select Service shops yesterday, October 9, that the largest private passenger auto insurer in the U.S. would fully sunset the decades-old suspension of non-original equipment manufacturer (non-OEM) collision repair parts in across most U.S. states starting […]
State Farm Premiums Written Up Nearly 24% in Second Quarter
S&P Global says the company remains largest auto insurer in the U.S. State Farm Mutual Automobile Insurance Co. remained the largest personal auto insurer in the US during the second quarter amid a record quarter for the sector, according to an S&P Global Market Intelligence analysis. The insurer’s direct premiums written surged nearly 24% — […]
State Farm Reports 1.8 Million Animal Collisions in 12 Months to June 30
November is still the most dangerous month with an industry-estimated 297,000 collisions. New data released from State Farm pegs the odds of U.S. drivers hitting an animal at 1 in 127 this year. Drivers in West Virginia held on to the number one spot with the least favorable odds at 1 in 38. Montana (1 […]
State Farm Ventures Invests in Snapsheet
Investment strengthens multi-year relationship between investment arm of largest U.S. private passenger auto insurer and claims technology firm. Snapsheet, the company specializing in claims management technology, today announced a strategic investment from State Farm Ventures, the wholly-owned subsidiary of State Farm Mutual Automobile Insurance Company launched in 2018. Snapsheet streamlines and expedites the claims process, […]
State Farm Expands Non-OEM Collision Repair Parts Use in California and Arizona
Latest announcement follows re-introduction of non-OEM bumper covers, headlamps and taillamps to most U.S. states in December. State Farm announced to its Select Service shops yesterday, June 19, that due to continuing parts shortages, the largest private passenger auto insurer in the U.S. would expand the specification of non-original equipment manufacturer (non-OEM) collision repair parts […]
State Farm Releases 2022 Impact Report
State Farm has released its 2022 Impact Report, an overview of “our efforts to be a good neighbor and work toward a better world tomorrow.” This is the company’s third report and details its efforts in 2022 and provides an update on the commitments it made to build a better world. Formerly titled the Environmental, […]
State Farm Reports Record Underwriting Losses in 2022
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 […]
State Farm Rolling Out Expanded Non-OEM Collision Repair Parts Use to Most U.S. States
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 […]
New Hampshire Supreme Court Rules in Favor of Collision Repair Shop in Assignment of Benefits Dispute with State Farm
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 […]
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