State Farm Insurance
Founded Year
1922About State Farm Insurance
State Farm Insurance specializes in providing a wide range of insurance and financial services. The company offers insurance coverage for vehicles, properties, life, and health, as well as banking, investment, and retirement planning solutions. State Farm Insurance primarily serves individual consumers and businesses seeking insurance and financial products. It was founded in 1922 and is based in Bloomington, Illinois.
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Research containing State Farm Insurance
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned State Farm Insurance in 6 CB Insights research briefs, most recently on May 10, 2024.
Expert Collections containing State Farm Insurance
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
State Farm Insurance is included in 1 Expert Collection, including ITC Vegas 2024 - Exhibitors and Sponsors.
ITC Vegas 2024 - Exhibitors and Sponsors
699 items
Created 9/9/24. Updated 10.22.24. Company list source: ITC Vegas. Check ITC Vegas' website for final list: https://events.clarionevents.com/InsureTech2024/Public/EventMap.aspx?shMode=E&ID=84001
State Farm Insurance Patents
State Farm Insurance has filed 2927 patents.
The 3 most popular patent topics include:
- diagrams
- insurance
- data management
Application Date | Grant Date | Title | Related Topics | Status |
|---|---|---|---|---|
9/29/2020 | 10/22/2024 | Grant |
Application Date | 9/29/2020 |
|---|---|
Grant Date | 10/22/2024 |
Title | |
Related Topics | |
Status | Grant |
Latest State Farm Insurance News
Oct 25, 2024
October 25, 2024 As the third-fastest growing company on a list of the world’s top 50 largest insurance companies, State Farm Mutual Automobile Insurance Co. continued to rank No. State Farm recorded nearly $87.6 billion in direct premiums earned in 2023, an increase of 18.3% over the prior year. The Bloomington, Illinois-based personal insurer was also at the top of the rankings a year ago, according to a report from S&P Global Market Intelligence. Click to enlarge S&P GMI said the fastest-growing company was Bermuda-based Arch Capital Group. The specialty insurer and reinsurer grew gross premiums earned grow 23.1% to about $17 billion in 2023. Reinsurance was a big driver of growth at Arch, as well as Covea, which was a close second in growth at 19.4%. Covea owns PartnerRe. In the U.S., Progressive, American Family, Berkshire Hathaway and USAA turned in high growth. In fact, S&P said the top 50 P/C companies upped collective premiums nearly 9% in 2023 compared to 2022. The group’s gross premiums earned or insurance service revenues increased to nearly $1.5 trillion from $1.37 trillion in 2022. Only Canada’s Intact Financial Corp. had a decline in insurance service revenues. (Editor’s Note: S&P GMI said it change it methodology from last year, which ranked based on gross premiums written. This year the financial information and analytics firm factored in IFRS 17 accounting in several countries. Gross premiums earned is more comparable with IFRS 17’s insurance service revenues.) Other than leading the list of largest insurers, State Farm turned in one of the highest loss ratios of 85.8 in 2023, said S&P GMI. Only Aema Groupe, a group of French mutuals, reported a higher loss ratio of 86.2 in 2023. Results may not be improving at State Farm. The insurer’s loss ratio for the homeowners line increased nearly 12 points to 94.8 in second-quarter 2024.
State Farm Insurance Frequently Asked Questions (FAQ)
When was State Farm Insurance founded?
State Farm Insurance was founded in 1922.
Where is State Farm Insurance's headquarters?
State Farm Insurance's headquarters is located at One State Farm Plaza, Bloomington.
Who are State Farm Insurance's competitors?
Competitors of State Farm Insurance include New York Life Insurance Company, Singlife, Bestow, Safeco, The Travelers Companies and 7 more.
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Compare State Farm Insurance to Competitors
Frontline Insurance focuses on providing insurance services, specifically in the home and commercial property insurance sector. The company offers a range of insurance policies to cover home, liability, and property needs, providing protection for homeowners and commercial properties. It primarily serves the insurance industry, with a focus on coastal homeowners. It was founded in 1998 and is based in Lake Mary, Florida.
Liberty Mutual Insurance specializes in property and casualty insurance, providing a wide range of personal and commercial insurance products. The company offers insurance coverage for vehicles, homes, businesses, and lives, as well as protection against identity theft and for pets. Liberty Mutual Insurance primarily serves individual consumers and businesses across various industries with their insurance needs. Liberty Mutual Insurance was formerly known as Massachusetts Employees Insurance Association. It was founded in 1912 and is based in Boston, Massachusetts.
Nationwide Mutual Insurance Company operates as a diversified insurance and financial services organization. The company offers a range of insurance products including vehicle, property, personal, and business insurance, as well as financial services such as retirement plans, annuities, and mutual funds. Nationwide primarily serves individuals and businesses seeking insurance and financial planning solutions. Nationwide Mutual Insurance Company was formerly known as Farm Bureau Mutual Automobile Insurance Company. It was founded in 1926 and is based in Columbus, Ohio.
Northwestern Mutual is a financial security company offering a blend of insurance and investment services. The company provides financial planning, life insurance, and investment advisory services designed to help individuals and businesses achieve financial stability and growth. Northwestern Mutual caters to a diverse clientele, including individuals, families, and businesses seeking comprehensive financial strategies. It was founded in 1857 and is based in Milwaukee, Wisconsin.
American Family Insurance (AMFAM) specializes in a range of insurance products. It offers insurance coverage options for vehicles, homes, lives, and businesses, and provides protection and financial security for its clients. Its primary customer segments include individuals and businesses seeking insurance solutions. It was founded in 1927 and is based in Madison, Wisconsin.
United Services Automobile Association (USAA) is an insurance company. It offers various insurance services, such as car, recreational vehicle (RV), boat, bicycle, health, life insurance, and more. The company also offers loans, banking, brokerage trading, automated investing, and retirement solutions. It serves the military, veterans, and their eligible family members. United Services Automobile Association was formerly known as the United States Army Automobile Association. The company was founded in 1922 and is based in San Antonio, Texas.
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