Insurance Industry Made Record Profits in 2024

A new report states that the U.S. Property and Casualty Insurance Market made over

$100 billion dollars in net profits, setting a new record. Property and casualty insurance

includes insurance for homeowners, automobiles, commercial property, and commercial

general liability. State Farm Mutual Automobile Insurance Company and State Farm

Fire and Casualty Company, however, both continued to spend more in claims expenses

than they collected in premiums, a trend that continued over from 2023. Perhaps State

Farms should spend less money on expensive advertisements involving celebrities and

more time delivering a quality product.

The report projected an anticipated profitable year for the industry as a whole in 2025.

This is good news for consumers for the most part, as long as insurers are honest and

follow good faith claims handling practices. Honest profits ensure that insurance will be

available for more people.

If you have a property and casualty insurance claim involving homeowners, commercial

property, or State Farm, please contact us.