As reported by Bloomberg on May 4, 2017...STATE FARM plans to shut 11 facilities across the country after a $7 billion annual underwriting loss last year on auto policies. According to the article, State Farm, Allstate Corp., Hartford and Berkshire Hathaway Inc., are some of the companies that have been burned in recent years by higher claims expenses from car accidents as more drivers are distracted by electronic devices. Higher repair costs are also affecting losses.
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