State Farm
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Insurers are fighting to recoup claims they have paid out.
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Independent litigation threatened a $4bn settlement with wildfire victims.
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The victims claim insurers shouldn’t get settlement cash before they’re made whole.
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The discrepancy between rising claim counts and favorable reserves is cause for concern.
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Mutuals struggle to react and adapt to a worsening loss environment.
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The downgrade reflects the company’s balance sheet strength, which AM Best assessed as weak.
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The carrier stopped accepting new HO business in the state last May.
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Personal lines rate filings are rising, even as some inflation drivers slow.
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Increased cat losses in property offset auto improvements.
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Cooling CPI metrics and improving loss ratios indicate a positive shift for the personal auto industry, but results are not yet back to where they need to be.
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Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
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