State Farm hit by $7bn in auto losses for 2016

US mutual giant State Farm was pushed to a $5.5bn underwriting
loss in 2016 after claims and expenses from its auto book
outstripped premiums by $7bn.
The group's auto business, which represents almost two
thirds of State Farm's $61.7bn property and casualty book,
found itself on the hook for $35.8bn of claims and loss expenses
for the year.
Earned premium in the division climbed 6.9 percent last year to
$38.8bn from 2015. The auto underwriting loss for 2016 surged 59...