State Farm
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The carrier stopped accepting new HO business in the state last May.
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Personal lines rate filings are rising, even as some inflation drivers slow.
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Increased cat losses in property offset auto improvements.
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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.
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Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.
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The ratings agency affirmed its financial strength rating of A++ and long-term ICR of aa+ on the mutual and its affiliates.
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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.
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Inside P&C’s news team runs you through the key highlights of the week.
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