A quick google disagrees. $89 billion was their operating revenue, not profit. They lost a record amount in 2022.
State Farm said Monday that it would “take actions to improve our operating performance” after eating a record $13.2 billion in underwriting losses in 2022 – in part because of costlier auto insurance claims driven by inflation.
www.wglt.org
Late last year, State Farm’s chief executive broke the news that the auto giant would record the largest underwriting loss in its 100-year history for 2022. On Monday, the news became official with a huge number attached: $13 billion. “We missed severity badly. We did not anticipate the...
www.carriermanagement.com
As for my claim. I think we have different understandings about what an adjuster does. The adjuster as I know them is employed by the insurance company. They look at the estimate and the damage on the vehicle and decide what the company will initially pay for the repair. After the car is disassembled, many times more damage is found and the body shop submits supplemental claims to the insurance company. From there it's a negotiation between State Farms standard "rates" and what replacement parts they are willing to pay for vs the rates the shop charges and what they think the car needs to be repaired properly.
