State Farm insurance company loses $6.3 billion in 2023

Insurance company - 2023 Loss

The insurer experienced a “significant” increase in catastrophic claims leading to the losses Last year, State Farm insurance company recorded a $6.3 billion net loss partially due to what the insurer called a “significant” rise in home insurance damage claim severity. As large as the loss was, it was smaller than what the insurer experienced in 2022 In 2022, the insurance company reported having lost a net $6.7 billion.  Still, when State Farm made its announcement about 2023, it confirmed that it was “financially strong”, as its auto coverage’s net…

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