State Farm pays $5 billion to cover weather damages
Sep 25, 2011
The following article was published by Reuters on September 25, 2011:
State Farm pays $5 billion to cover weather damages
By Matt Daily
State Farm Insurance has paid $5 billion to its customers for weather-related catastrophes — damage to cars, homes and other property so far this year — the largest U.S. insurer of homes and cars said on Sunday.
That payout has been increased by wildfires, tropical storms and hurricanes during the summer, which came after last spring’s spate of tornadoes and hail storms.
The company did not provide a comparable figure for the year-ago period.
Through September 23, State Farm has receive more than 970,000 catastrophe claims, stretching from wildfires in western Texas to storm damage in Maine. The company’s catastrophe claims work is in addition to the 11 million to 12 million other auto, home and business claims reported to the company in a typical year.
Earlier this month, Allstate Corp. said it had lost $500 million on Hurricane Irene, much less than the $2 billion it lost from severe thunderstorms and tornadoes during April and May.
Find this article here: http://www.reuters.com/article/2011/09/25/us-insurance-statefarm-idUSTRE78O2LE20110925