Farmers Insurance Group

Farmers Insurance Group was founded on March 28, 1928, by John C. Tyler and Thomas E. Leavey. The company was established to provide automobile insurance to farmers and ranchers. At the time, it was recognized that farmers and ranchers, who often drove less and took better care of their vehicles than city drivers, deserved lower insurance premiums. Over the years, Farmers Insurance expanded its offerings and became one of the largest insurance groups in the United States. Headquartered in Los Angeles, California, the company's diversified insurance services include auto, home, and small business insurance, among others.

In 2009, Zurich Financial Services announced it would acquire the remaining shares of Farmers Group, Inc., thereby gaining full control of Farmers Insurance Group. Prior to this acquisition, Zurich was a significant stakeholder, holding a partial ownership in Farmers. This acquisition was part of Zurich's strategy to strengthen its presence in the United States insurance market and leverage Farmers' expansive agency network. The deal was completed on April 30, 2009, demonstrating Zurich's commitment to investing in and growing the Farmers brand, which provided a strong foothold in the competitive U.S. market.

On June 26, 2013, Farmers Insurance Group was recognized by the National Association of Mutual Insurance Companies (NAMIC) for its innovative digital platform which enhanced customer experience. The platform allowed policyholders to manage their accounts, file claims, and receive assistance from a comprehensive digital toolset. The achievement showcased Farmers' commitment to leveraging technology to improve customer service, as it responded to evolving consumer expectations in a digital age. It marked an important milestone in Farmers' ongoing efforts to modernize and remain competitive in the insurance industry.

On September 15, 2015, Farmers Insurance Group launched a new line of insurance products tailored specifically for small businesses. Recognizing the unique needs of small business owners, Farmers Small Business offered a variety of coverage options ranging from general liability to property insurance. This move was a strategic expansion aimed at capturing a larger share of the commercial insurance market. The launch was supported by a dedicated marketing campaign and was rolled out with the help of Farmers' extensive network of agents across the country, positioning Farmers as a key player in small business insurance.

In September 2017, Farmers Insurance Group introduced innovative insurance products aimed at rideshare drivers, making it one of the first major insurers to offer this coverage. The launch of rideshare insurance allowed drivers for companies like Uber and Lyft to better manage their insurance needs, covering gaps between traditional personal auto policies and commercial coverage. This initiative was in response to the growing gig economy and the increasing number of individuals participating in ridesharing as a source of income. Farmers' rideshare insurance provided important protection and peace of mind for drivers nationwide.

On December 3, 2019, Farmers Insurance Group made a significant donation to the University of Arizona to support big data initiatives. The donation aimed to enhance research and innovation in data analytics, a critical area for the future of the insurance industry. By investing in the academic sector, Farmers demonstrated its commitment to fostering the development of new technologies and methodologies in data science that could be applied to improve risk assessment and underwriting processes. This collaboration also aimed to bridge academic insights with practical applications within the insurance business.

In response to the financial challenges posed by the COVID-19 pandemic, Farmers Insurance Group implemented premium relief measures for its customers beginning in August 2020. Recognizing the economic impact of the pandemic on individuals and households, Farmers provided credits and adjustments on premiums for auto insurance policies, offering financial relief to drivers experiencing reduced vehicle use during lockdowns. These measures were part of Farmers' broader commitment to supporting its customers during unprecedented times, highlighting the company's dedication to customer care and community support amidst a global crisis.

In July 2021, Farmers Insurance Group completed the acquisition of MetLife's property and casualty (P&C) business for $3.94 billion. This acquisition significantly expanded Farmers' presence and scale in the U.S. insurance market, adding millions of new customers and a wide range of products to its portfolio. The deal was seen as a strategic move to bolster Farmers' competitive position and accelerate growth. Through this acquisition, Farmers aimed to enhance its capabilities and deliver greater value to both existing and new policyholders across different insurance segments.

On May 13, 2022, Farmers Insurance Group reached a settlement with the State of California regarding its rate-setting practices. The agreement followed an investigation that found Farmers had not adequately disclosed how some of its insurance rates were calculated. As part of the settlement, Farmers agreed to make changes to its rate-setting transparency and provide refunds to certain policyholders affected by past practices. This settlement highlighted the importance of regulatory compliance and transparency in the insurance industry, and Farmers' commitment to resolving issues with state regulators amicably.

In March 2023, Farmers Insurance Group launched a new web and mobile portal to enhance customer experience and engagement. This technological upgrade provided customers with easier access to their account information, policy management tools, and customer support. The portal was designed with user-friendly navigation and integrated new features to streamline processes such as billing, claims filing, and service requests. By investing in digital tools, Farmers aimed to meet the evolving expectations of digital-savvy consumers and reinforce its position as a forward-thinking insurer committed to customer satisfaction.