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	Podcast:		Wintrust Business Lunch
	Episode:		Wintrust Business Minute: State Farm files for another auto insurance rate hike
	Category:		Business
	Duration:		00:00:00
	Publish Date:		2023-02-28 21:08:38
	Description:		Steve Grzanich has the business news of the day with the Wintrust Business Minute. State Farm has filed for another auto insurance rate hike in Illinois. The 6.5% increase would take effect next month and comes after the company posted a $6.7 billion net loss for 2022. It’s the most unprofitable year ever for the Bloomington-based insurer. State Farm’s auto insurance business drove the numbers down with nearly $13 billion in underwriting losses. Claims and loss adjustment expenses came in at about $48 billion. The company generated about $46 billion in premium revenue. Nearly all of the big four auto insurers lost money insuring vehicles in 2022. Also, Target and Solo Cup have signed leases for warehouses in the southwest suburbs as the companies expand their footprint. Listen for more below:
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