State Farm General, the largest home insurer in California, is seeking a 22% emergency rate increase due to the financial strain stemming from recent fires in Los Angeles County. The insurer reported over $1 billion paid in claims so far and anticipates further significant expenditures as these events are among the costliest natural disasters it has faced. This rate hike request follows a pending application for even higher previous increases, reflecting ongoing challenges including rising risks associated with wildfires and reconstruction costs.
"Immediate emergency interim approval of additional rate is essential to more closely align cost and risk and enable State Farm General to rebuild capital."
"The latest request is necessary to rebuild the company's capital base, so it will not have to further constrain the company's ability to provide home insurance in the state."
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