A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023.
The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing almost $4 billion of improvement in State Farm’s auto results.
Related: State Farm P/C Businesses Report $13B Underwriting Loss in 2022
“In 2023, State Farm property and casualty insurance companies experienced growth in policies while also reporting underwriting losses due to continued elevated claims severity and significant catastrophe activity, for both the auto and homeowners insurance companies,” the