State Farm

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.

This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.

The ratings agency affirmed its financial strength rating of A++ and long-term ICR of aa+ on the mutual and its affiliates.

Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.

Inside P&C’s news team runs you through the key highlights of the week.

An uneven loss environment in personal lines calls for a cautious reading of reserves.

Need to Know

California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.

CPI figures show loss costs are cooling, and if rate levels cannot reach adequacy we are likely to see more pausing from the industry beyond State Farm, Allstate and Nationwide.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Other carriers reportedly pulling back from writing business in California recently include Mercury General and Safeco, while Oregon Mutual is said to have exited the California market altogether.