State Farm General has successfully requested an average 22% increase in home insurance rates following substantial losses due to California wildfires. The California Insurance Commissioner, Ricardo Lara, had initially denied State Farm's request but later provisionally approved it, citing significant claims from over 12,000 damaged properties. State Farm is expected to pay out around $7.9 billion due to the recent wildfires. The decision includes halting nonrenewals of existing policies while calling for an infusion of funds to stabilize the insurer's capital position ahead of a public hearing.
State Farm General received a 22% average increase in home insurance rates after facing significant losses from California wildfires, highlighting challenges in the insurance market.
California's Insurance Commissioner granted the increase after previously denying it, emphasizing the need for a responsible balance between consumer protection and insurer stability.
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