State Farm: Policyholders Payments from April and May Storms Soon to Exceed $2 Billion

BLOOMINGTON, Ill., June 16, 2011 /PRNewswire/ -- While thousands of State Farm claim representatives and agents continue to help those impacted by spring storms, the company today announced it has paid nearly $1.75 billion to its customers from the destructive storms of April and May. The total claim payments have nearly doubled in less than three weeks.

State Farm's policyholders have reported more than 400,000 home, business and auto claims caused by the April and May events. More than 4,000 claims professionals are still deployed around the country to more than 130 local claim offices and two large centralized claim operation centers.

Catastrophe claim payments from State Farm, year-to-date, now exceed $3.3 billion.  This figure accounts all events occurring in 2011 and any residual payments made on catastrophes from prior years.

"Our policyholders have experienced an extraordinarily devastating spring and we are very proud of the remarkable job all our associates are doing to help our customers recover," said Brian Boyden, State Farm Executive Vice President.

If categorized as one event, the devastating hailstorms, windstorms and tornadoes in the months of April and May would be the fifth most costly homeowners' catastrophe in State Farm's nine decade history.

About State Farm:

State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. Our 17,800 agents and more than 65,000 employees serve 81 million policies and accounts – more than 78 million auto, fire, life and health policies in the United States and Canada, and nearly 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 37 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.

SOURCE State Farm