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The suit alleges that State Farm refuses to pay the full hourly rate charged by mechanics certified to repair luxury autos.

The deal will make HDI International the third-largest player in the Latin American P&C market.

Growing construction costs, increasing catastrophe exposure and a difficult reinsurance market led to the decision, according to the company.

Home insurance rates in the U.S. are expected to see an average increase of 9% this year.

Direct premiums written in 2022 were up nearly $80 billion from the previous year, according to the NAIC.

According to J.D. Power, these insurers have made a good impression on customers during the property claim process.

"The majority's failure to recognize this ambiguity will result in a financial burden on insureds of limited economic means," Justice Jorge Labarga wrote.

The rate increase following an accident varies depending on the location, driver's history and insurance company.