State Farm Insurance

State Farm Insurance is a large group of insurance and financial services companies throughout the United States with corporate headquarters in Bloomington, Illinois. It is the largest property and casualty insurance provider, and also offers auto insurance in the United States. State Farm is ranked 36th in the 2019 Fortune 500, which lists American companies by revenue.

History

State Farm was founded in 1922 by retired farmer George J. Mecherle as a mutual automobile insurance company owned by its policyholders. The firm specialized in auto insurance for farmers and later expanded services into other types of insurance, such as homeowners and life insurance, and then to banking and financial services.

Services

State Farm's main business is State Farm Mutual Automobile Insurance Company, a mutual insurance firm that also owns the other State Farm companies. The company services include insurance for automobile, homeowners, renters, life, health, and disability. It also offers banking products through State Farm Bank and mutual funds through its subsidiary, State Farm Investment Management Corp (SFIMC).

Auto Insurance

State Farm's auto insurance offers coverage for accidents, theft, fire, and other vehicle damages. This includes personal cars, commercial vehicles, and motorcycles.

Homeowners and Renters Insurance

This insurance covers property damage from fire, theft, and natural disasters. It also offers liability coverage in case someone is injured on the property.

Life Insurance

State Farm provides various life insurance policies, including term life, whole life, and universal life insurance, catering to the long-term financial planning needs of its customers.

Financial Services

State Farm Bank, F.S.B., offers banking services such as checking and savings accounts, mortgages, and loans. The company's investment arm, State Farm VP Management Corp., offers mutual funds and other investment products.

Community Involvement

State Farm is known for its community involvement, including safety programs, educational initiatives, and grants. The State Farm Good Neighbor Scholarship Program is one example of its commitment to community service.

Controversies

Like many large corporations, State Farm has faced its share of controversies, including lawsuits related to claims handling processes and disputes over rate increases.

Conclusion

State Farm Insurance has grown from a small mutual auto insurance company to a large enterprise offering a wide range of insurance and financial services. Its commitment to customer service and community involvement has been integral to its growth and success.