Insurance Industry | WGLT

Insurance Industry

State Farm HQ building
Staff / WGLT

Bloomington-based State Farm is raising Illinois auto insurance rates by an average of 4.2%. That's less than the nearly 14% drop last year because of reduced driving due to the pandemic.

The rate hike goes into effect March 29, according to a company statement.

State Farm HQ building
Staff / WGLT

State Farm says it plans to expand the use of a digital bookkeeping technology to speed up and streamline the auto claims process, after a successful trial run with USAA.

Man standing on roof watching fire
Jae C. Hong / AP

Raging California wildfires on one coast and the most active Atlantic hurricane season in history on the other are just two examples of how our climate is changing. It's also changing how the insurance industry prepares for increased risk of property damage and in some cases, in trying to prevent it.

The insurance business is very competitive—and not just for customers.

Empty highway
Jeff Chiu / AP

As COVID-19 continues to hang over the economy, more insurance companies say they’re pessimistic about revenue growth and likely to shed employees in the next year, according to a new labor market study.

State Farm HQ
Staff / WGLT

State Farm’s may not be alone atop the super-competitive U.S. auto insurance business for much longer.

State Farm signage
Staff / WGLT

More retirements, low unemployment, and increased competition from other industries have all contributed to a “war for talent” in the insurance business, according to a hiring expert.

State Farm HQ building
Ralph Weisheit / WGLT

Bloomington-based State Farm is getting out of banking. The company on Thursday announced plans for U.S. Bank to take over existing deposits and credit card accounts.

State Farm To Reduce Illinois Auto Rates 2 Percent

Feb 19, 2019
Staff / WGLT

Nearly 3 million State Farm customers in Illinois are in for a lower auto insurance rate beginning next month. The insurance company is cutting rates by 2 percent.

State Farm building
Staff / WGLT

A new report says that insurance companies will have to be more proactive—and pay more—to find and retain employees amid a “talent crisis” for the industry.

Michael Tipsord
State Farm

The total compensation for State Farm’s top executive is lower than his predecessor’s and several of his peers in the insurance industry.