About 1,600 policies for Pacific Palisades homeowners were dropped by State Farm in July, the state insurance office says.
State Farm will reverse its cancellation of home and commercial protection policies in 22 Los Angeles counties amid the catastrophe caused by the wildfires.
Following its announcement that it would pause non-renewals for policyholders to ensure coverage for Los Angeles County residents impacted by wildfires, State Farm on Thursday, Jan. 16, reported receiving 7,850 home and auto claims with numbers expected to rise as damages are assessed.
State Farm said that it has paid out close to $500 million in claims following the wildfires that have ravaged the Los Angeles region. As of Jan. 27, the company has processed a total of 10,100 claims for home and auto damage resulting from the fires.
Sources told this publication that the mutual is facing a loss totalling around $7.91bn from the fires, and it is understood that State Farm benefits from around $2.5bn-$4bn of reinsurance cover specifically for Californian risks above an attachment point of $1.5bn.
Insurance company State Farm has canceled plans to air a spot during Super Bowl 59, citing the ongoing fires in Los Angeles as the company’s primary focus.
Wildfires have destroyed around 90 square miles of area around Pacific Palisades, Pasadena and other communities in the Los Angeles and San Diego areas. Over 16,000 buildings have been destroyed, with hundreds of thousands of people forced to evacuate or placed under evacuation orders.
How the team at Jigsaw Farms came together to save 54 horses during the Pacific Palisades fire in L.A., then lost their entire farm in the blaze.
The recent Los Angeles wildfires have dealt another devastating blow to the insurance industry in California. The financial losses are staggering, with insured property damages estimated between $28bn and $35bn by Verisk.
A new strain of H5N9 bird flu was detected at a commercial duck operation in California's Merced County. All the ducks were euthanized.
Super Bowl LIX is already proving to offer serious star power, with ad spots led by Chris Pratt, Eugene Levy, Michelle Rodriguez and even a When Harry Met Sally reunion with Meg Ryan and Billy Crystal.
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