California's insurance commissioner rejected State Farm's request for a 22% increase in home insurance rates due to the recent L.A. wildfires, citing insufficient justification for the hike. The commissioner emphasized the need for transparency, as State Farm has not explained how the rate increase would affect its decision to stop writing new policies or renewing existing ones. The insurer faces significant losses from the fires, reporting over $1 billion paid in claims, while awaiting a resolution on a previous rate hike request.
Commissioner Ricardo Lara stated that State Farm needs to provide more justification for its requested rate hike and how it affects policyholders.
State Farm has claimed over $6.5 billion in losses from recent fires, as it faces financial challenges in California.
Collection
[
|
...
]