State Farm saw losses totaling one-billion dollars for last year among it's property casualty group companies. Last September was one of the busiest for devastating hurricanes with Maria, Irma, and Harvey. State Farm reports a pre-tax operating loss of $1.7-billion dollars.
In a statement Sate Farm Senior Vice President Jon Farney said
" In 2017 state farm helped our customers recover from unexpected losses, including several catastrophic events. while we had operating losses for the year, we are built to handle these events and we continue to be 'good neighbors".
Farney added the company is making big changes and improvements to serve customers better.
The company investments did extremely well, increasing State Farm's net worth by $9.4-billion dollars in 2017.
Last year State Farm auto rates went up 8.-6-percent. Homeowner rates went up 1.1-percent.
Bloomington spokesperson Missy Dundov said it's unclear if those rates will go up again this year.