This led State Farm and other insurance companies to issue partial refunds to consumers.
Rust has been the CEO since 1985, but retired in 2015.ĭue to the COVID-19 pandemic and quarantine, many drivers virtually stopped driving or drove considerably fewer miles.
State Farm continues to be a mutual company, owned by their policyholders. State Farm’s main business is State Farm Mutual Automobile Insurance Company. SFB offers many banking services such as checking, savings, and mortgages, but does not have branches Instead, it offers these services over the phone or via internet, as well as through agents in five states. It is run by State Farm Financial Services. In the 1990s State Farm Catastrophe Services was founded. In 1964, State Farm became the largest insurance writer in the world.
The company expanded in the 1950s to other types of insurance, such as homeowners insurance and life insurance. The company originally provided auto insurance to farmers. It was started as a mutual company and so was owned by its policyholders. State Farm Insurance was founded by George Mecherle in 1922 as an automobile insurance company.