State Farm
-
A state-mandated, one-year moratorium on non-renewals is also in place. -
Insurers are fighting to recoup claims they have paid out.
-
Independent litigation threatened a $4bn settlement with wildfire victims.
-
The victims claim insurers shouldn’t get settlement cash before they’re made whole.
-
The discrepancy between rising claim counts and favorable reserves is cause for concern.
-
Mutuals struggle to react and adapt to a worsening loss environment.
-
The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
-
The carrier stopped accepting new HO business in the state last May.
-
-
Personal lines rate filings are rising, even as some inflation drivers slow.
-
Increased cat losses in property offset auto improvements.
-
Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
Related
-
November rate filings: It’s too soon to call this race in personal lines
December 07, 2023 -
Need to Know: CPI, Everest, State Farm
November 15, 2023