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 […]
State Farm Reports Average Auto Hail Claims $5,000
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, […]
State Farm Reports Record Growth in Auto Policies But Lower Earned Premiums
The largest auto insurer in the U.S. returned $401 million in dividends to auto policyholders even with higher claim costs. State Farm Insurance Companies announced it experienced record growth in auto, home and life policies in 2021. While experiencing record growth in auto policies, State Farm reported another year-over-year decrease in auto earned premium. The […]
State Farm and Ford Announce Usage-Based Insurance Program Debuts in Four States Additional States
State Farm and Ford announced the launch of Drive Safe & Save Connected Car for customers with eligible connected Ford or Lincoln vehicles, to benefit from usage-based insurance (UBI). State Farm customers with eligible connected vehicles can opt into the State Farm UBI program, Drive Safe & Save, which adjusts premiums to an individual vehicle’s […]
State Farm Doubles Venture Capital Effort
State Farm Ventures announced the expansion of its venture capital investment fund to $200 million, up from the initial commitment of $100 million in September 2018. The fund focuses on start-up companies that align with the strategic goals of State Farm, which include helping meet customers’ needs in more ways. “Throughout our 100-year history, continuous […]
State Farm Hiring Thousands of Full and Part-Time Employees Across the U.S.
The largest auto insurer in the U.S. offers online career fairs January 20 and 27. State Farm announced it is hiring more than 3,000 full and part time employees across the country. The largest auto insurer in the U.S. says it has never been a better time to consider a new full-time career or supplement […]
State Farm Ventures Among Investors in AI-Computer Vision Company
Nexar’s network of dash cameras collect more images that are being used to create a complete digital twin of U.S. roads. Nexar, an artificial intelligence (AI) computer vision company, announced the completion of a $53 million Series D funding round led by Qumra Capital with the participation of State Farm Ventures, Catalyst Investments, Banca Generali, […]
I-CAR Announces Jeff Silver and Russ Verona Award Recipients
The Inter-Industry Conference on Auto Collision Repair (I-CAR) announced the 2020 recipients of its annual Jeff Silver and Russ Verona Memorial I-CAR Awards that recognize one individual and one collision repair shop for advancing technical education and professionalism in the collision repair industry. The Jeff Silver Award, honoring an I-CAR Platinum individual who demonstrates true […]
State Farm Reports Drivers Struck Over 2 Million Animals During the Pandemic
Pennsylvania had the largest number of animal collisions at over 166,000. West Virginia risk highest as percentage of claims. State Farm reports that during the recent 12-month period between July of 2020 and June of 2021, similar scenes occurred an estimated 2.1 million times across U.S. roads (7.2% more than in the previous 12 months) […]
State Farm and Hagerty Partner on Classic Car Insurance
State Farm, the largest insurer of private passenger vehicles in the U.S., is collaborating with Hagerty to introduce new coverage for classic vehicles beginning in 2022. “We’re thrilled this strategic alliance will position State Farm agents to help customers protect their classic vehicles while giving them an opportunity to connect with a community of car […]
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