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State Farm's $9-bil. blow; Insurer racks up record-setting tab in Katrina's wake.(State Farm Mutual Automobile Insurance Co. company losses due to Hurricane Katrina)
Crain's Chicago Business, November, 2005 by DANIELS, STEVE
Byline: STEVE DANIELS State Farm Insurance Cos. sustained between $8 billion and $9 billion in losses from Hurricane Katrina, a record for an insurer from a single storm. A quarterly financial filing last week with the Illinois Division of Insurance provided the first indication of the financial toll of the worst storm in U.S.
history on the country's largest home and auto insurer. Katrina's ultimate impact on State Farm's bottom line will depend on the amount of storm-related claims it can pass on to reinsurers and the federal flood insurance program. But State Farm's claims from the storm far exceed those incurred by any other insurer. The Bloomington-based giant holds the leading marketshare in Louisiana and Mississippi, the states hit hardest by the...
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