State Farm
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Excessive litigation costs and continued losses threaten the Sunshine state’s market. -
Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
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A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.
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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.
