State Farm, the largest insurer of cars and homes in the U.S., is accelerating the claims payout process for auto and fire customers with technology from Fiserv, Inc., a leading global provider of payments and financial services technology solutions. With Digital Pay, State Farm customers will now have greater flexibility in how they receive approved […]
State Farm Announces More Flexibility for Employees to Work from Home
State Farm announced most of its employees will spend some time working in the office and some time working from home. The company says the new hybrid approach will allow it to operate as efficiently as possible for the benefit of its customers, while providing a more flexible work environment for its current and future employees. […]
State Farm Reports Average Auto Hail Damage Claim $4,300 in 2020
Severe weather resulted in more than 332,000 hail claims paid by State Farm in 2020. While fewer claims than 2019, the amount paid on property and auto damage increased totaling more than $3.1 billion. Total Hail Claims Paid | Home & Auto Texas $474.6M Illinois $394.2M Minnesota $259.2M Missouri $236.9M Colorado $207.9M The average homeowner […]
State Farm Announces 50% Greenhouse Gas Reduction Goal by 2030
Insurer releases its first environmental, social, and governance report. State Farm announced its commitment to an environmentally sustainable future with a goal to reduce its greenhouse gas (GHG) emissions by 50 percent by the end of 2030. The company shared a new environmental sustainability goal for the future and a new report documenting the company’s […]
State Farm Returning $400 Million Dividend to California Auto Customers
State Farm announced that due to better than anticipated claim results, it is returning $400 million to California mutual auto insurance customers. The dividend applies to approximately 3.5 million private passenger auto policies in California. Through this dividend, customers can expect to receive a check of 18% of premium, or averaging about $100 per policy, […]
State Farm Reports Earned Premium of $65.1 Billion
The largest auto insurer in the U.S. reports growth in auto policies for second year in a row. Reduced auto premiums 11%. The State Farm P-C group of companies reported earned premium of $65.1 billion, a combined underwriting gain of $1.9 billion, and paid $1.9 billion in dividends to policyholders. This result compared to an […]
State Farm to Require CCC Estimating for Select Service Collision Repair Facilities
State Farm, in an email to its Select Service direct repair facilities last week, announced that it will begin requiring the use of CCC’s estimating. The insurer, while supporting the use of multiple estimating platforms for many years, has included the ability to specify vendors and products in a provision in its Select Service agreement […]
New York Department of Financial Services Fines Allstate, State Farm, AIG, and Tri-State Insurance Companies $2.1 Million
Allstate and State Farm also pay $10.6 million in restitution to consumers. New York State Superintendent of Financial Services Linda A. Lacewell announced that the Department of Financial Services (DFS) has fined Allstate Insurance Group, State Farm Insurance Group, AIG Property Casualty Company, and Tri-State Consumer Insurance Company a combined $2.1 million for violations of […]
State Farm Makes $100 Million Pledge to Close Racial Equity and Justice Gaps
To promote change State Farm is pledging $100 million over five years to support minority communities and issues of racial equity and justice. This is just one part of the insurer’s ongoing efforts to bring about change. “State Farm has a long history and commitment to social justice,” said Victor Terry, Chief Diversity Officer and […]
State Farm to Acquire Non-Standard Auto Insurer GAINSCO for $400 Million
State Farm Mutual Automobile Insurance Company and GAINSCO, Inc. announced that they have entered into an agreement for State Farm to acquire GAINSCO for approximately $400 million in cash. The transaction is expected to close in early 2021, subject to approval by GAINSCO’s shareholders, the expiration or termination of the applicable waiting period under the […]
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