State Farm Insurance

State Farm Insurance is a group of mutual insurance companies specializing in property and casualty (P-C) coverage such as auto, home, renters, and business insurance, as well as life and health insurance. State Farm held the top spot as the largest writer of P-C insurance in the US in 2022 while also securing the highest market share for auto insurance in the country based on direct written premiums (DWPs) for 2022.

The group’s insurance arm comprises 14 companies that focus on P-C lines, with two that focus on life insurance and annuity products. State Farm served over 91 million accounts across the US in 2022 via its network of ~19,000 independent agents. The group reported handling more than 26,000 claims daily on average during 2022, and, as of December 2022, it employed 61,000 staff. In 2023, total earned premiums amounted to USD 87.6 billion, and total revenue for the group was recorded at USD 104.2 billion for the year.

State Farm’s moves to digitize its product portfolio include adding telematics to its auto insurance product for usage-based insurance policies and making a significant investment in smart home hardware vendor ADT with the aim of improving its risk mitigation capabilities in home insurance. The group has also a stated goal of cutting down greenhouse gas (GHG) emissions 50% by 2030 (from a 2019 baseline).