Insurance Industry

Across all lines of property and casualty insurance — like home, auto and business — the industry gains a combined $52.3 million in investment income per day when claims are delayed, according to Weiss Ratings for the nonprofit Consumer Federation of America.

Gov. JB Pritzker signed legislation Tuesday that will give the Illinois Department of Insurance authority to review and approve rate changes for homeowners and automobile policies. Bloomington's two insurers opposed the bills as they moved through the legislature.

Most insurance companies, including State Farm and Country Financial, are already implementing AI across their businesses. Here's how they're going about it.

Many State Farm agents said they feel angry and betrayed by the Bloomington-based company.

State Farm has told its 19,000 agents it is changing its compensation and benefits contract for them. The Bloomington-based company is also cutting benefits for retired agents.

State Farm is announcing the largest dividend in company history, a $5 billion giveback to auto policyholders. CEO Jon Farney told reporters the dividend works out to an average of $100 per vehicle for 49 million vehicles.

Bloomington-Normal leaders are calling for better dialogue between lawmakers, Gov. JB Pritzker, and insurance companies such as Bloomington-based State Farm.

After hearing from State Farm’s CEO, Gov. JB Pritzker cited ‘factual inaccuracies’ in the company’s stance against legislation to empower the state to force refunds to hefty insurance premium increases.

During a visit to Bloomington-Normal on Tuesday, Gov. JB Pritzker said he supports changing how state colleges and universities are funded, but wouldn't commit to releasing discretionary funds held back last fall.

Country Financial is one of Bloomington-Normal's largest and longest operating businesses. What you may not know is Country Financial did not start in Bloomington.