State Farm pays almost $500m to customers from LA wildfires

As of January 27, 2025, auto and homeowners insurer State Farm has received over 10,100 claims for home and auto damage caused by the California wildfires, and has already paid nearly half a billion dollars to customers.

This marks a significant increase from the 6,700 claims received as of January 14th, 2025.

State Farm also noted that it has successfully made contact with more than 95% of customers who have filed homeowner claims.

The company has deployed its Catastrophe Response Team to California to assist residents in recovering from the disaster.

This team, which includes a mobile workforce trained to manage large-scale claims, is prepared to support customers anywhere in the country. Its on-the-ground team is fully equipped to address customer needs in the aftermath of these devastating wildfires.

State Farm’s response also involves local agents in California who live in the same neighborhoods as its customers. They are joined by thousands of employees at centralised care centres across the country, who are virtually helping answer questions and assist with claims. Remote claims teams can conduct virtual meetings and inspections with customers.

While the full extent of the wildfires’ impact is still unclear, catastrophe risk models have provided initial loss estimates. CoreLogic forecasts industry losses between $35 billion and $45 billion, Moody’s RMS predicts $20 billion to $30 billion, Verisk estimates $28 billion to $35 billion, and KCC projects losses near $28 billion.

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