Farmers Insurance Group rating downgraded by Moody’s Investors Service

Farmers Insurance - Downgrade Ahead sign
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The insurer’s IFS rating was slashed from an A3 to an A2, while its rating outlook is stable. Moody’s Investors Service has taken Farmers Insurance Exchange’s insurance financial strength (IFS) rating down a degree from A3 to A2, and its surplus note rating from a Baa2 (hyb) to a Baa3 (hyb). That said, its ratings outlook is expected to remain stable. The ratings downgrade is a reflection of the weakness of the insurer’s underwriting results. Farmers Insurance Group saw week underwriting results and the ratings downgrade was a reflection of…

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State Farm lets policyholders receive insurance claim payouts via PayPal

Insurance claim payouts - PayPal app on phone

The new option is a broadening if the insurer’s Digital Pay solution enabled by Fiserv’s Carat. The largest home and vehicle insurer in the United States, State Farm, has announced that it is expanding the insurance claim payouts options available through Digital Pay so that they can be instantly received in a policyholder’s PayPal account. Digital Pay allows customers to have their claims reviewed, approved and paid online. When filing through Digital Pay, policyholders have the opportunity to choose from among several payment methods for insurance claim payouts. These transaction…

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State Farm releases insurance company Environmental, Social and Governance Report

Insurance company - Report from business

The second report the insurer has released updates greenhouse gas reductions and sustainability efforts. State Farm has announced the release of its 2021 Environmental, Social and Governance Report, updating the insurance company’s sustainability efforts and greenhouse gas reductions. The report based on last year’s data is intended to be an illustration of the insurer’s efforts. The insurance company’s commitment to “Good Neighbors. Better World.” was outlined in the second report of its nature. The report outlined the insurer’s ESG framework and its progress on environmental sustainability, as well as social…

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Insurance industry is suffering from the impact of climate change

Insurance Industry - Climate Change loss

According to a new Capgemini report, only about 8 percent of insurers are adequately preparing. Climate change has been causing harm to the insurance industry, but only about 8 percent of insurers are adequately preparing for the impact of its risks, according to a report published by Capgemini consultants and the Efma industry body. Losses from natural disasters have exploded by 250 percent over the last three decades. The report stated that over the last thirty years, insured natural catastrophe losses have risen by a tremendous 250 percent. Severe storms…

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Insurance industry official calls for more climate change risk assessment

Insurance industry - Risk Assessment Climate Change

At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…

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State Farm holds virtual career fair for insurance jobs with the company

Insurance jobs - keyboard - Jobs key

The positions to be filled include both hybrid and 100% work-from-home opportunities. State Farm has announced that it has so many insurance jobs available that it is holding a virtual career air this week with both full- and part-time opportunities available. Positions also include bilingual opportunities in underwriting in hybrid and remote working locations. The insurance jobs will be discussed during four different time slots on Thursday. This is a substantial opportunity for people across the country who have recently lost – or left – prior employment. Insurers have been…

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16 More insurance companies file lawsuits against Pacific Power

Insurance companies - Lawsuit filed

The joint lawsuit against the utility and its parent company PacifiCorp is connected to the Archie Creek Fire. An additional 16 insurance companies have filed a joint lawsuit against PacifiCorp as well as Pacific Power, its subsidiary, for reasons relating to damages caused by the Archie Creek Fire. The lawsuit was filed by the insurers on January 5 in the Douglas County Circuit Court. The insurance companies are pursuing a combined $14.2 million from the electric utility and its subsidiary. The 16 insurers are based in eight different states, including…

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