State Farm
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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.
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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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An uneven loss environment in personal lines calls for a cautious reading of reserves.
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California Insurance Commissioner Ricardo Lara was speaking about climate change's impact on insurance pricing at the Bermuda Climate Summit.
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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.
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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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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.
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Continuing rises in loss frequency and severity plus a difficult regulatory framework make the situation in California highly challenging for carriers.
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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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