Insurance Industry

Insurance industry officials defended recent homeowners insurance rate spikes this week, blaming such factors as inflation and climate change while warning that attempts to regulate their ability to set rates would be bad for consumers.

Abe Scarr, Illinois Public Interest Research Group state director, said the massive increase will “impact countless families across the state," as 1.5 million State Farm policyholders will be impacted by the near half-billion rate hike — a 27% increase.

State Farm has asked the state of California to approve an emergency 22% homeowner policy rate increase following wildfires in that state.

The American Farm Bureau Federation has kicked the Illinois Farm Bureau out of the federation in a dispute over member dues. The bureau responded by saying it is challenging the move in court.

Damage claims from Hurricane Helene continue to trickle in even as assessments from Hurricane Milton mount.

Checks are going out in a $65 million settlement of a class action lawsuit against State Farm Life and Accident Assurance Company. Attorneys had accused State Farm in a federal court in Missouri of overcharging on policies.

Governor calling for sweeping changes in regulation; report shows state facing skyrocketing costs.

State Farm has finalized a $182 million auto policy rate hike in Illinois that is drawing fire from a nonprofit watchdog group. The Illinois Public Interest Research Group says the increase adds $58 to the average customer's annual bill.

Insurance industry employment rose 1.83% last year, slightly under the projected number, but could have risen a lot more. The insurance sector is still not back to pre-pandemic employment levels.

A Black Illinois homeowner claims State Farm practices covert racial discrimination in how it processes claims. “State Farm does not treat its Black and white homeowners insurance policyholders equally,” states a federal lawsuit filed by Jacqueline Huskey of Matteson in south suburban Chicago.