Following devastating wildfires in Los Angeles, which have caused over 29 deaths and displaced thousands, State Farm requested a 22% rate increase from California's Department of Insurance. The request was made amid existing financial challenges faced by the insurer, which has already paid out over $1 billion related to claims from the fires. Insurance Commissioner Ricardo Lara indicated that State Farm must provide more financial answers before the increase can be approved, emphasizing the slow regulatory process for such changes.
Executives for State Farm General Insurance Company, the firm's California arm, asked Lara for a 22% price increase... their business 'needs your urgent assistance in the form of emergency interim approval of additional rate to help avert a dire situation for our customers and the insurance market in the state.'
The wildfires... are blamed for at least 29 deaths and displacing thousands of homeowners, showcasing the severe impact on the community.
Collection
[
|
...
]