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State Farm Insurance Co

BUSINESS
September 1, 2004 | From Bloomberg News
State Farm Mutual Automobile Insurance Co., the biggest U.S. auto insurer, will cut auto rates in California by 7.6%, shaving more than $215 million off of 3 million customers' bills, the company said. The rate reduction will go into effect Oct. 1, said the company, which is owned by its policyholders and based in Bloomington, Ill. State Farm has reduced rates in 34 states this year, a spokesman said, as competition increased and the frequency of accidents declined.
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BUSINESS
September 24, 2003 | Kenneth Reich, Times Staff Writer
State Farm General Insurance Co., the largest provider of homeowners insurance in California, will end a 17-month moratorium on selling to new customers Oct. 1, a company spokesman said Tuesday. But its return to the market will be limited, spokesman Bill Sirola said. State Farm will add new homeowners in an amount equal to the number of existing customers who drop out or whose polices are not renewed by the company, probably about 60,000 in the next year, he said.
BUSINESS
April 28, 2003 | Frank Eltman, Associated Press
After the crash, click. State Farm Insurance Co. this month began distributing 77,000 disposable cameras to Long Island customers as part of a new program to cut into fraud. The insurer asks customers to keep the cameras in their cars until needed to document damages in an accident. If successful, the program could expand across the country. "Fraud in New York state is a $1-billion business," State Farm spokeswoman Karyn Garsky said.
BUSINESS
February 27, 2003 | Kathy M. Kristof, Times Staff Writer
With the United States on the brink of war in Iraq and North Korea test-firing missiles, State Farm Insurance Cos. is issuing a timely, if chilling, notice to customers: It won't cover auto damage caused by nuclear blasts or radioactive fallout. "No insurance company could withstand the financial impact of insuring a nuclear accident," Bill Sirola, a spokesman for the nation's largest automobile insurer, said Wednesday.
BUSINESS
October 3, 2002 | Associated Press
State Farm Insurance Cos. has been ordered to stop marketing and selling long-term care policies in California, in what the state Department of Insurance said is a violation of state law that could bring a $500,000 fine. State Farm Mutual Automobile Insurance Co. continued selling the policies after Oct. 1, 2001, when a new law barred such policies unless they provided enhanced benefits, the department said.
BUSINESS
August 13, 2002 | MICHAEL LIEDTKE, ASSOCIATED PRESS
A Mendocino County Superior Court jury awarded $12.6 million to two former State Farm Insurance agents blocked from selling competing policies to former customers after State Farm fired them in 1999. After concluding State Farm acted with malice toward former agents John W. Wier and Richard L. Pyorre, the jury late Monday decided State Farm should pay $6 million in punitive damages to the men. The punitive damages supplement a $6.
BUSINESS
June 21, 2002 | From Times Staff and Wire Reports
Two months after slapping a moratorium on new homeowner business in California, loss-plagued State Farm Insurance Cos. said Thursday that it is limiting homeowner policies in 21 other states.
BUSINESS
May 18, 2002 | Times Staff and Wire Reports
State Farm, the nation's largest insurance company, was stripped of is triple-A rating for credit and financial strength by Standard & Poor's because of record losses last year--an action that may increase pressure on the company to further raise auto and homeowner premiums to boost its sagging finances. State Farm already has filed to hike rates in California by about 5% on auto insurance and 6.7% on homeowner coverage, a company spokesman said.
BUSINESS
April 23, 2002 | E. SCOTT RECKARD, TIMES STAFF WRITER
State Farm General Insurance Co., California's largest insurer of homes, said Monday it will no longer accept new homeowners business in the state because of a huge--and so far largely unexplained--surge in payouts over the last two years. The company, which has watched its reserves against losses dwindle and its financial-strength ratings decline, said it will continue to cover its existing policyholders even if they move to new homes.
BUSINESS
January 24, 2002 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
In a move that may lead to higher homeowner insurance rates statewide, a major rating agency threatened Wednesday to downgrade State Farm's California operations because of serious losses in the insurer's residential business. Standard & Poor's placed State Farm General Insurance Co., a subsidiary of State Farm Mutual Automobile Insurance Co., on a credit watch after losses eroded the insurer's reserves to $390 million from $566 million a year ago.
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