Tag: State Farm

Catastrophe Losses in 2024: A Challenging Year for the Insurance Industry

Elizabeth Price
Challenging Year for the Insurance Industry

2024’s Insurance Industry Turmoil: State Farm and Others Navigate the Aftermath of Hurricanes Debby and Beryl The year 2024 has proven to be a tumultuous period for the insurance industry, with back-to-back natural disasters resulting in substantial financial losses for major insurers. Hurricanes Debby and Beryl have left a trail of destruction across multiple states, posing significant challenges for companies like State Farm and Allstate as they navigate the aftermath. Hurricane Debby made landfall as a Category 1 hurricane in Florida’s Big Bend region on August 5, 2024. With maximum…

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Top Insurance Companies: Unpacking Auto Insurance Claims Criticisms

John Bowers
claims adjuster examining car

Top Performers in Auto Claims Handling Amica leads in auto insurance claims handling, securing the top spot in J.D. Power’s 2023 Auto Claims Satisfaction Study with 909 out of 1,000 points. Customers praise Amica for quick and efficient claims processing and excellent customer service. Erie Insurance ranks second with a score of 902. Customers highlight the insurer’s professionalism and fast claims process. Erie offers a unique benefit: Coverage for pets injured in accidents Up to $500 per pet $1,000 per accident State Farm stands out for its user-friendly online claims…

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State Farm Legal Showdown: Exposing the Hidden Risks of Non-Owned Vehicles

H. Cutner
State Farm Insurance Court Ruling

State Farm and Their Legal Battle Over a Loaner Car In a developing legal case, a former sports radio host finds themselves embroiled in a dispute with the insurance company over liability coverage following a 2022 motor vehicle accident. The incident occurred while the host was driving a vehicle owned by a local dealership during their employment at a media group. The vehicle was provided as part of a promotional agreement or an informal perk related to their work at the station. Insurance Coverage Dispute State Farm argues that they…

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Consumer Watchdog Demands Public Hearing on State Farm’s Proposed 30% Rate Hike

H. Cutner
Consumer Watchdog - Public hearing - California Flag - Insurance rate hike

Consumer Watchdog Digging for Dirt in State Farm’s Backyard Consumer advocacy group Consumer Watchdog has called on California Insurance Commissioner Ricardo Lara to convene a public hearing regarding State Farm’s proposed 30% hike in homeowners’ insurance rates. The group contends that the proposed increase is intended to enhance the insurer’s financial stability rather than address anticipated claims, potentially resulting in a $5.2 billion burden on consumers. Concerns Over Financial Burden Consumer Watchdog’s petition, filed under Proposition 103, mandates a public hearing on rate increases when requested by the public. The…

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State Farm Dominates and Soars to Top of AM Best Rankings with $92.6 Billion in Premiums!

G. Turner
State Farm - Premiums Over 90 billion

State Farm has once again claimed the top position in AM Best’s rankings of US Property and Casualty (P&C) insurers for 2023, reinforcing its dominance in the market. The company’s total net premiums written (NPW) surged by an impressive 19.1% to $92.6 billion, further widening the gap between itself and its competitors. Dominance in the P&C Sector In the dynamic world of insurance, rankings can be both stable and surprising. Here, we explore the latest shifts among top US Property and Casualty (P&C) insurers, spotlighting substantial changes in Net Premium…

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Who’s Responsible? California Faces New Rate Hikes from State Farm and Allstate

Nordstrom
State Farm and Allstate Buildings - Who is causing high rates in California

California homeowners and renters may soon face significant financial strain as two of the state’s largest insurers, State Farm and Allstate, announce hefty rate hikes. These increases come against a backdrop of escalating climate change impacts and urban expansion into wildfire-prone areas. Significant Increases from Major Insurers State Farm, the largest home insurer in California, has applied for substantial rate hikes across its various insurance lines. The company, which insures nearly one in five homes in the state, has requested a 30% increase for homeowners insurance, a 52% increase for…

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State Farm settles life insurance suit with $65 million payment

G. Turner
Life Insurance - Lawsuit - Gavel

The insurer has agreed to pay tens of millions to settle the suit involving overcharges State Farm Life and Accident Assurance Company are issuing life insurance settlement checks as pay out for a class action lawsuit against the companies. The lawsuit was filed in a federal court and involved overcharging accusations Attorneys representing the class action lawsuit accused State Farm in a Missouri federal court of having overcharged its customers for life insurance policies.  The massive settlement involves allegedly overcharging about 450,000 policyholders who purchased universal coverage between 1986 and…

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