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Today, as a result, State Farm insures one U.S. private passenger car in eight, has created subsidiary life, fire and accident companies that last year added $87 million in premium income. The $5,000,000 annual rental that State Farm pays for the computers to handle its paperwork makes it one of IBM's biggest customers.
The Other Seven. Though this summer marks its 40th anniversary, State Farm is all but ignoring the fact, instead has its eye firmly fixed on harvests to come. The race to write automobile insurance is more and more a battle between two giants, State Farm and Sears, Roebuck's Allstate. Allstate narrowed the gap in the late 1950s, but State Farm has pulled ahead again recently, last year collected $43 million more in premiums than Allstate. For 1970, State Farm has set a goal of 11 million policyholders. and to achieve it intends to increase its agent force from 8,000 to 11,000. Says President Ed Rust with a smile: "We want those seven out of eight passenger cars we still don't insure."