State Farm Profit Surges to $3.2 Billion as Claims Drop – Businessweek

Business Week reported that State Farm, the largest U.S. home and car insurer, quadrupled its profits in 2012, earning $3.2 billion in income. Allstate, the second-largest home and auto insurer, did not do quite as well, only tripling their profits. Allstate earned $2.31 billion in 2012. “We are not offended by such profitability- the insurance companies evaluate the insurance risks, invest their capital and operate very successful businesses – however, we deplore the insurance companies’ refusal to timely pay fair compensation for the legitimate claims of innocent victims,” said Ricky Liss, Esquire. “It is also unfair for insurance companies to lobby our lawmakers to change our laws to limit victims’ legal rights based upon the pretense that their companies are not profitable and need protection from lawsuits.”

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