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. […]
State Farm Exits Banking Business
Enters into strategic alliance to bring U.S. Bank products and services to State Farm customers. State Farm announced it was exiting its banking business and forming a strategic alliance with U.S. Bank. Under the alliance, U.S. Bank will assume State Farm Bank’s existing deposit and credit card accounts and State Farm agents will have the […]
State Farm Reports Lower Earned Premiums in 2019 Due to Reductions in Customer Premiums
State Farm announced that in 2019, its property and casualty insurance companies experienced growth in policies while reporting lower earned premium compared to 2018. According to the company the decrease in property-casualty (P-C) earned premium reflects a focus on returning value to customers in the form of lower premiums when appropriate. The State Farm P-C […]
Appeals Court Affirms Dismissal of Collision Repair Shop Racketeering Lawsuit Against Insurance Industry
The Appeals Court for the Eleventh Circuit finds lower court dismissal of 2014 class action lawsuit alleging insurers use DRP programs to illegally control non-DRP facilities’ rates was valid. An appeal by the collision repair shop plaintiffs’ appeal to overturn the dismissal of a Federal lawsuit against auto insurance companies failed in late December to […]
State Farm and USAA Testing Blockchain Solution for Subrogation
During the 2019 Dig In Conference, State Farm and USAA announced a joint subrogation solution, and are now using real claims data to test how blockchain technology can improve the speed of the auto claims subrogation process. Subrogation is typically the last phase of an insurance claims process, when one insurance company recovers claim costs […]
ASA Raises Concern over State Farm Scanning Policy
The Automotive Service Association (ASA) Collision Operations Committee is raising concerns with the recently release scanning policy from State Farm that was sent to the largest U.S. auto insurer’s Select Service collision repair centers. ASA raised concerns that while the document indicates that the insurer does give consideration to OEM position statements, due to their […]
State Farm Sponsors SkillsUSA
State Farm Insurance Companies announced its continued support for SkillsUSA. The 2019 grant will support the mission of SkillsUSA and several national programs that help SkillsUSA instructors and their students become world class workers, leaders and responsible American citizens. State Farm is supporting: SkillsUSA’s Engage training for teachers at the SkillsUSA National Leadership and Skills […]
State Farm Reports 2018 Underwriting Gain, 8.77% Decline in Auto Claims Cost and Loss Adjustment Expense
In 2018, State Farm experienced a property-casualty underwriting gain, as well as increases in total revenue, net income and net worth. As the number one Auto and Homeowners insurer in the U.S., State Farm remains committed to serving its policyholders. The State Farm property-casualty (P-C) group of companies reported a combined underwriting gain of $1.7 […]
IIHS Announces State Farm’s Angela Sparks to Chair 2019 Board of Directors
The Insurance Institute for Highway Safety announced the election of Angela Sparks as the 2019 chair of its Board of Directors. She is the third woman to head the IIHS Board since the Institute’s 1959 founding. Sparks is vice president and actuary, State Farm Insurance Companies. She succeeds William L. Windsor Jr., who served as […]
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