state farm News

State Farm Sets Another Record With $14B Underwriting Loss in 2023

A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing …

Idaho: Insurer that Settled with Tortfeasor Can’t Demand Subrogation Suit by Insured

An insurer that reached a settlement with a motorist who caused a crash cannot deny a underinsured motorist claim on the basis that its policyholder failed to comply with the terms of her auto policy by not filing a subrogation …

State Farm Seeking to Recover $1.5M from Owners of Collapsed Garage

The collapse of a New York City garage in April was caused by the negligence of the owners of the building, according to State Farm, which is suing them to recover $1.5 million in payments to the garage’s customers who …

Employee with Overactive Bladder Sues State Farm for Discrimination, Retaliation

A Georgia woman who was employed by State Farm Automobile Insurance Co. for 20 years is suing the insurer alleging she was discriminated and retaliated against because of her bladder disability. The employee, Elisa Brown, was diagnosed with overactive bladder …

California Insurance Market Rattled by Withdrawal of Major Companies

LOS ANGELES (AP) — Two insurance industry giants have pulled back from California’s home insurance marketplace, saying that increasing wildfire risk and soaring construction costs have prompted them to stop writing new policies in the nation’s most populous state. State …

Increasing Cost of Claims Drives State Farm Out of Calif. Property Market

An insurer group was quick to respond over the weekend after State Farm announced it will cease accepting new applications for business and personal lines property/casualty in California to deal with increased risks and higher construction costs. The American Property …

Insurers Leery of Hyundais and Kias Famous on Social Media for Being Easy to Steal

Social media influencers and an insurance industry think tank are giving Hyundai and Kia vehicles the worst kind of publicity: Many of the cars the company sold are easy to steal. In the past week, newspapers and television news producers …

Lawsuit Against State Farm Alleges Racial Discrimination in Claims Handling

State Farm’s claims handling process is the subject of a new lawsuit alleging disparities between the insurer’s treatment of claims from Black policyholders versus claims from white policyholders. The suit filed Dec. 14 against State Farm Fire & Casualty Company …

Broken Infrastructure, Scattered Wreckage, Alligators Greet Claims Teams

Damaged infrastructure created new obstacles for claims adjusters responding to Hurricane Ian, along with widespread flooding, damaged cell phone towers and even an occasional alligator. Sedgwick Executive Vice President Danny Miller said his company is using boats to send claims …

State Farm, Mississippi Settle Katrina Lawsuit for $12M

Mississippi has quietly settled its lawsuit against State Farm Fire and Casualty Co. for allegedly minimizing its Hurricane Katrina payments to policyholders, leaving the state to compensate homeowners. The settlement says the $12 million payment represents “restitution for damage, which …