State Farm
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory. -
The newcomers are finding it more difficult to disrupt the sector than they had expected.
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Businesses in Old Dominion claimed the insurer wrongfully denied coverage after they had to close their operations due to the pandemic.
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State Farm has joined forces with auto insurer Hagerty to roll out new coverage for classic vehicles beginning in 2022.
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Travelers, Liberty Mutual, State Farm and Allstate announced suspension of donations in January, but have now re-started financial backing for elected officials.
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State Farm wrote $1.8bn in premium in 2019, representing 18.3% of the market.
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Plaintiffs including State Farm, USAA and Allstate argued the fires were the fault of the US National Park Service.
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Hover uses computer visualization and machine learning to appraise home repair costs.
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The deal awaits approval from Gainsco shareholders, and is expected to close in early 2021.
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The carrier expects to retain about $346mn, net of reinsurance reimbursements.
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State Farm policies in question contain a virus exclusion, protecting the insurer from liability.
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PIF grew, while auto margins and earned premiums contracted as the large personal lines carrier increased price competition.
Related
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State Farm slashes P&C UW loss in 2024 to $6.1bn
March 03, 2025 -
State Farm’s California subsidiary put on negative credit watch by S&P
February 26, 2025 -
State Farm pegs LA wildfire direct losses at $7.6bn
February 26, 2025