California reconsiders State Farm rate hike as insurer’s losses rise
State Farm General requested a 22% emergency rate hike in California to cover losses from the Los Angeles County wildfires and stop its “financial deterioration.” Lara declined the request, and asked that Krause and other company officials to meet with him to answer questions about why higher rates were needed.
NBC Los Angeles on MSN1d
State Farm estimates $7.6 billion in LA wildfire losses, continues seeking interim rate requestState Farm Insurance Group said this week that it has paid out $1.75 billion on approximately 9,500 claims filed as a result ...
State Farm General said it will pay $7.6 billion to settle claims from last month’s firestorms in the Los Angeles area.
The state’s insurance commissioner and representatives of State Farm are scheduled to meet Wednesday in Oakland to discuss the insurance company’s request for a double-digit rate hike.
This summary is reviewed by TRD Staff. California's Insurance Commissioner denied State Farm's request for a 22% emergency rate hike. State Farm cited $1 billion in claims from the L.A.
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