State Farm has paid $5B for weather-related catastrophes
by MBJ Staff
Published: September 28,2011
BLOOMINGTON, Ill. — As a summer of wildfires, tropical storms and hurricanes followed a spring of relentless tornadoes and hail storms, State Farm Insurance paid its customers $5 billion to repair, rebuild and replace cars, homes and other property damaged by weather-related catastrophes so far this year.
State Farm is the nation’s largest insurer of homes and autos, and it is expecting 2011 to be one of the company’s busiest years on record for catastrophe losses.
Through Sept. 23, State Farm agents and claim representatives have helped policyholders on more than 970,000 catastrophe claims, stretching from wildfires in western Texas to storm damage in Maine. The company’s catastrophe claims work is on top of the 11-12 million other auto, home and business claims reported to the company in a typical year.
The $5-billion customer payment figure accounts for all catastrophes occurring in 2011 and any residual payments made on catastrophes from prior years.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- New Mississippi state highway map is available for the public
- DAVID DALLAS: Who in the Hell are We?
- Tanger Outlets involved in Southaven project
- Shale oil: market correction or longterm direction?
- Ikea confirms plan for Memphis store
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- Ingalls to lease former SRHS clinic in Gautier for employee medical center
- McCrory joins Epps in asking for trial delay
- Former Lane Furniture plant sold for $1.45 million