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 […]
Collision Repair Education Foundation Thanks Insurance Industry for Support of Critical Resources to Schools Impacted by COVID-19
The Collision Repair Education Foundation (CREF) publicly thanked the insurance industry for rallying behind it during a time when raising funds is extremely difficult. Six extremely generous insurance organizations have stepped in to offer their support, donating funds that can help CREF make good on its mission of connecting the next generation of collision repairers […]
State Farm and Ford Partner on Usage-Based Insurance
State Farm and Ford announced that they have entered into an agreement to share connected vehicle telematics data for usage-based insurance (UBI) products. State Farm customers with eligible connected Ford vehicles will be able to opt-in to Drive Safe & Save, the voluntary usage-based insurance (UBI) program by State Farm that uses vehicle telematics to […]
Interview: Chris Evans, State Farm Insurance
Evans explains how the largest auto insurer in the U.S. has adapted its claims operation in the wake of the coronavirus crisis. Claims have started to rebound after declining due to stay-at-home orders. The response to the pandemic has required businesses, particularly those essential businesses such as collision repair and insurance companies, to adapt their […]
State Farm Announces $2.2 Billion in Auto Insurance Cuts
State Farm announced that based on current trends, it is working to reduce auto insurance rates in every state. The national average for those rate reductions is 11%, saving customers a total of approximately $2.2 billion. The rate reductions are in addition to its Good Neighbor Relief Program that State Farm previously announced would provide […]
State Farm Venture Capital Arm Looks for Start-Ups to Fund
State Farm Ventures highlighted its search for disruptive technologies that would benefit State Farm Policy holders and has added the ability to pitch ideas at its new website. State Farm Ventures, a wholly owned subsidiary of State Farm, launched in 2018 with a $100 million investment commitment and has already provided funding to nine companies. […]
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