Personal auto
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The ratings agency said that it continues to assess State Farm’s balance sheet among the strongest. -
The executive said inflation isn’t completely gone but is now “more understood”.
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The reserve strengthening stemmed from bodily injury and defense costs for accident years 2023 and prior.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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September’s medical care index increase follows a 0.2% drop in August.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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The insurer booked a $950mn policyholder credit expense in September.
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Joseph Lacher will step down as president and CEO and resign from the board.
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Though wildfire losses are up, total losses are the lowest since 2015.
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The governor has yet to sign a pending bill to create a public cat model.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
