Is state farm financially stable?
UPDATED: Feb 26, 2018
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Asked February 26, 2018
State Farm is one of the most financially stable insurance companies currently in operation. With a S&P Global rating of AA, an A.M. Best rating of A++, and a Forbes rating of 33 on the Fortune 500 list, State Farm has been dominating the insurance industry since 1922. They have a significant share of the insurance market, being twice as large as the runner up, Allstate.
In addition to their 70,000 employees, they also outsource 19,000 independent contractors to help when there is natural disasters in the United States, causing an influx of claims that need to be processed. With the financial security and superior reputation, they have acquired over 84 million policies and typically process over 39,000 auto, property and casualty claims per day. State Farm insures more cars and property than any other insurance company in the United States securing their financial assets for many years in the future.
Answered February 27, 2018 by starinsured