State Farm maintains stability regardless of record breaking 2011 storms

State Farm has announced that although they faced a significant number of payments for catastrophe claims from some of the largest events in the quarter century history of the company, it has been able to maintain its financial strength. In 2011, State Farm’s combined net worth fell by $0.4 billion by the end of the year, bringing it to $60.8 billion. This includes the drop by $0.2 billion in the insurance company’s net worth in connection with the unaffiliated stock portfolios of the property and casualty companies. Moreover, those figures…

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Car insurance rates in Georgia to fall for State Farm customers

Policyholders in Georgia with State Farm Mutual Automobile Insurance Co. can look forward to a decrease in their rates by an average of 2.2 percent starting on November 21, 2011. State Farm is the leading car insurance company in Georgia. It will be saving its customers in the state a total of $23.2 million per year. The Georgia Insurance and Safety Fire Commissioner’s office explained that the reduction in rates by State Farm are not the result of any state mandates. According to one of the commissioner’s spokespeople, the Georgia…

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Farmers Insurance and State Farm look to raise rates on home insurance in Texas

Farmers Insurance Group, one of the largest insurers in the U.S., has unveiled plans to raise rates on homeowner’s insurance policies in Texas. The new rates, if approved by state regulators, will take effect next year. The company cites the growing number of high cost claims that has been streaming in since 2008 as reason for higher premiums. The proposal for higher rates from Farmers Insurance comes on the heels of a similar proposal from State Farm that would have the same effect on homeowner’s policies. The insurer is seeking…

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State Farm receives A.M. Best top ratings scores

 State Farm General Insurance Company’s financial strength rating (FSR) and issuer credit rating (ICR) have been revised by A.M. Best Co., upgrading them from their previous “A-“ (Excellent) to a current “A” (Excellent), in both cases.   State Farm Group and State Farm Life Group and their members have also received an FSR and ICR of “A++” (Superior) by Best.  State Farm Fire and Casualty Company in Dallas, State Farm Indemnity Group, and State Farm International Life Insurance Company, Ltd, also had had their FSR and ICR affirmed by Best. All…

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